Good afternoon, and welcome to our Capital Markets Day. Before we begin, I would like to take a moment to express our concern following the news of this morning's train accident in Spain. On behalf of everyone at Puig, our thoughts are with all of those affected and their families. We also express our gratitude to the emergency services and everyone helping at the scene. Thank you for being here with us, and thank you to those joining remotely. We are presenting to you today from the Museo del Prado, which holds centuries of art, a perfect location for the first Capital Markets Day for Puig, the home of creativity. After 22 years as CEO, earlier this year, I announced my new chapter continuing as Executive Chairman. As a member of the founding family, I have always seen my role as both a responsibility and a stewardship. We have one clear goal today. We want to give you a view of who we are, what we have built, and a better understanding of where we are going. Before we look forward, I want to better explain what makes us us. I want to begin with our purpose, which embodies what Puig stands for and defines why we call ourselves a home of creativity. We are a home of Love Brands within a family company that furthers wellness, confidence, and self-expression while building a better world. For consumers, this defines how our brands connect emotionally. For employees, it defines why they choose to grow their careers with us. For investors, it defines how we build a durable company that cares deeply about building brands for the long term. The fact that the same family has been behind this company for more than a century has shaped our values and the way we behave as an organization. For us, our values are not just words on a wall, but principles we try to live by every day. Our values transpire throughout our organization. Restless curiosity drives not only our innovation pipeline, but also encourages every employee to grow. Contagious enthusiasm keeps energy and creativity alive at every level. Fairness and respect guide our relationships with our employees and our partners. Entrepreneurial audacity keeps us agile and courageous, preserving our founder mindset even as we grow on a global stage. The commitment to shaping tomorrow anchors our long-term vision and our sustainability agenda. This culture explains why we retain top talent, attract strong founders, and execute consistently. Culture is not a soft quality in our business, it is a competitive advantage. At Puig today, we are stronger than at any point in our over 110 years history. We have built scale without losing creativity. We have built global capabilities without losing agility. We have built a portfolio with resilience and depth while nurturing unique brand identities. Although we have reached this strong position, we still believe we are just at the beginning of what this platform can deliver. We see ourselves as David against many Goliaths, especially one. We like this image. It brings the best out of us. I want to spend a few minutes talking about the leadership of Puig in the new year. While the Puig family will remain at the core of the company, a critical part of ensuring continuity through generational transition is ensuring that we have the right leadership in place. As Executive Chairman, I remain focused on three areas that are most important to Puig's long-term success, ultimately underpinning sustainable value creation for all stakeholders. They are, first, overseeing the strategic direction of the company and particularly the main bets or strategic choices we make. Second, leading our mergers and acquisitions agenda. Third, ensuring we continue to attract, develop, and retain exceptional leadership talent. Over the next 30 minutes, I would like to share how we think about these priorities and how they position Puig for its next phase of growth. As many of you know, Jose Manuel Albesa now serves as Chief Executive Officer. Jose Manuel has been with Puig since 1998 and has been a close partner to me in the development of our company for more than two decades. Many of you have already had the opportunity to engage with him in recent months. Together, this leadership model combines the long-term perspective, stability, and values of a family-controlled company with the depth, expertise, and execution capabilities of a highly experienced management team, several of whom you will hear from today. We believe this structure provides continuity where it matters most, while ensuring clear accountability and excellence in execution across the organization. Two and a half years into being listed, this is a question that many investors still ask us. Why did this family business choose to go public? The answer is rooted in our long-term philosophy. Long time before we went public, at the beginning of this century, we had already chosen a model we called self-disempowerment, which means to limit the power of the family by having, for instance, more non-family members than family members in our board, or by having all our committees composed of non-family members. We strongly believe in the benefits of the long-term thinking behind family-controlled company. But aware of the traps inherent in family companies, we also wanted to design mechanisms to prevent those traps from damaging the company. Going public was a natural next step in that direction. We wanted to maintain family control because it allows us to take decisions thinking about the next generation as well as the next quarter. At the same time, we wanted the balance that comes with the incremental discipline, rigor, and transparency that the public markets provide. As with every family-owned company, generational transition comes with its own challenges. It's the Achilles heel of any family company, and we have seen how other successful global brands in the beauty and luxury world have been able to structure this for the long term as public companies. The ambition of going public gave us the catalyst to reinforce our governance, strengthen our balance sheet, and ensure that our values remain protected for the long term. It is not about changing who we are. It is about giving ourselves the structure to accelerate our ambitions while preserving the essence of Puig. Let's talk a little bit about how we think about the strategic direction of the company. Over the past two decades, we have always designed our future through strategic plans. Through them, we have helped crystallize the five strategic choices that define who we are and how we grow. Each plan clarified our priorities, strengthened our capabilities, and built a foundation for the company we see today. Plan Director anchored our shift towards prestige, focused us on the right categories, and gave us the discipline to grow. Plan Apollo helped us navigate a challenging global environment. Plan Centennial accelerated our move toward own brands and reinforced our identity as a home of creators. Plan Next strengthened our prestige portfolio and initiated our bet on niche, a category that now differentiates our fragrance portfolio. Plan Da Vinci broadened our vision and began our diversification into beauty with renewed profitable growth, particularly as we dealt with the COVID-19 pandemic in its last year. All of this led to Vision 2025, which allowed us to capitalize on the strengths built through prior plans, size the opportunities within an extraordinary environment, and deliver the highest growth in our history. In 2021, we publicly shared a bold strategic plan. We were clear and ambitious about our targets. We committed to doubling revenues in three years and tripling them in five. These were significant targets. We not only made these commitments, we exceeded them. We more than doubled in two years instead of three. We nearly tripled one year ahead in four years, and then more than tripled in five. In doing so, we delivered growth not just more than the market, but higher than any other listed multi-branded premium beauty player in the last five years. Each plan built on the previous one. Each one made us more focused, more resilient, more ambitious. Together, they took Puig from EUR 800 million in revenue to EUR 5 billion, and from EUR 1 million in net profit to more than half a billion. Strategic choices compound over time, and the next plan, standing on this foundation, will set the direction for Puig Vision 2032, which Jose Manuel will discuss in detail. Building upon our historic track record, we have also been delivering since our IPO. We delivered high single-digit growth well ahead of the premium beauty market, with 10.9% in 2024 and +7.8% in 2025. As we shared last week, we expect to end fiscal year 2026 with above-market growth. We also improved adjusted EBITDA margins by 70 basis points over two years while reinvesting in our brands. Our net debt to adjusted EBITDA is below our 2 times threshold, ending 2025 at 0.7 times. We maintained a 40% dividend payout ratio. This reflects a model that balances growth, profitability, and capital discipline. Moving to the next area that I oversee, let's talk about mergers and acquisitions. We often get asked what makes our approach to M&A different. The answer is simple. We are curators of brands, not aggregators. We choose selectively. We look for brands with a unique identity, a different point of view, strong capabilities, and long-term value potential. New brands pop up continually. An influencer and the internet, and a new brand is born, but very few pass the test of time. Our M&A strategy remains under my direct oversight because these decisions shape the future of Puig. We partner with founders through co-ownership and bespoke integration, protecting what makes each brand special. We then leverage the Puig platform to strengthen desirability and unlock long-term value. And with every acquisition, we refine our integration capabilities, helping brands scale without losing their identity. But we never rush the process. Great brands are built over years, not quarters. Since 2011, we have invested more than EUR 4 billion in acquisitions, and we have done so with discipline. And if we include future payments to ISDIN, which needs to pass the antitrust test, the amount increases to EUR 5.2 billion. Any iconic brand in our portfolio today were added since 2011, each with a purpose to accelerate a specific strategic choice. And importantly, our balance sheet remains strong with net debt well within our comfort range. We will continue to pursue M&A with strategic clarity and financial prudence. Most recently, on September 14th, we announced our plans for our 18th brand, ISDIN. While not a material transaction, we have also recently completed a minority financial investment in Crème, an independent French dermacosmetics company focused on microbiome-based skincare products. We look forward to closely follow this journey. I am excited to talk a bit more about ISDIN and why acquiring the remaining 50% of the company represents such an important strategic opportunity. ISDIN is a company we know exceptionally well. The Puig family and the Esteve family co-founded ISDIN together more than 50 years ago, and we have been partners in its development since then. It is worth mentioning that the operations of this brand have been fully independent from that of Puig Brands, and we intend to respect this structure until the transaction closes, which will most likely not happen until early next year. As you know, the transaction remains subject to customary regulatory approvals and closing conditions. This limits the extent of what we can share about our joint plans at this stage, but I will walk you through the strategic rationale and value proposition. In terms of scale, in 2025, ISDIN generated approximately EUR 650 million in annual revenues and holds leading positions across some of its most important markets, particularly in sun protection and dermacosmetics in Southern Europe and Latin America. In 2026, ISDIN has been growing double digits with improved profitability versus 2025. Subject to the successful completion of the transaction, we believe ISDIN would be a highly complementary addition to our portfolio and an important building block in our ambition to strengthen Puig's position in skincare. Let me now explain why we believe this opportunity is so compelling. Over the past several years, we have been very clear about our ambition to build a more balanced beauty portfolio. While fragrances remain our largest business and a key driver of growth, we also see significant opportunities in skincare and in particular, dermacosmetics. Dermacosmetics is one of the most attractive categories within beauty. It benefits from structural growth drivers, increasing consumer focus on prevention and wellness, a strong connection to healthcare professionals, and high barriers to entry. Against this backdrop, ISDIN represents a unique strategic fit, bringing meaningful scale in dermacosmetics and strengthening our market position in complementary categories, including photoprotection, photoaging, and science-led skincare. It is a trusted brand with a differentiated innovation engine, deep dermatological heritage, and strong relationship with both its consumers and healthcare professionals. ISDIN shares many of the characteristics we look for in Puig. With our history, we have a unique understanding of the business, its culture, its capabilities, and we have a shared conviction about its long-term potential. It is also differentiated by its robust distribution network in its EMEA and LATAM strongholds, complementing our strongholds further. We also see a high complementary with our existing Derma portfolio. Together with Uriage and Apivita, ISDIN will play a central role in allowing us to build a broader and more complete Derma platform across geographies, consumer needs, and routes to market, unlocking significant value. Let me conclude with a few remarks on the transaction. Subject to regulatory approval, we will acquire the remaining 50% stake in ISDIN for a consideration of EUR 900 million at closing and a deferred payment of EUR 300 million in first quarter of 2029. The transaction will be funded through a combination of existing resources and new debt. We expect to remain below our 2x leverage threshold and to deleverage swiftly thereafter, supported by the strong cash generation of the combined business. To summarize, our convictions rest on three main factors. First, the role of ISDIN in our dermocosmetic platform vision, driving category diversification. Second, ISDIN's standalone potential to become a billion-euro brand in the future. Third, clear opportunities for value creation, which we can unlock through full ownership. By this, I mean referring to the synergies across our dermocosmetics portfolio. We see clear synergy opportunities which we will further validate post-closing, and Jose Manuel will talk a bit more about this. Overall, we believe this transaction enhances both the quality and the growth profile of Puig while remaining fully aligned with our long-standing discipline and capital allocation. We call ourselves a home of Love Brands, which is at the core of how we create value. Our brands operate with creative autonomy. This is essential in beauty, where innovation, emotion, identity, authenticity, drive desirability. At the same time, our group platform provides scale, shared capabilities, and operational excellence. From product development to go to market, retail, supply chain, digital, our brands benefit from world-class resources. We are not a fast-moving consumer goods company. We play in premium beauty, and it is the ability to keep the desirability of our brands up to date and relevant that drives success, not just following consumer needs and being present wherever they happen to shop. That is what allows us to command premium prices and maintain high margins. This interplay between brand-led independence and platform sharing is not a perfect balance. It is a productive tension. Creativity needs freedom, and global growth requires discipline. Managing both simultaneously is one of our greatest strengths. When we say that we have a flexible approach to integration, what do we actually mean? This slide shows the different integration models we use. We do not apply a single formula. Some brands need full autonomy for many years. Some benefit from fast integration, sometimes from day one. Some evolve gradually. We tailor our approach to what will create the most long-term value. This flexibility is a key reason why brands and founders want to join Puig. We have been highly successful in attracting founders. One of our competitive advantages in M&A has been that founders often choose Puig and stay with us longer than originally planned. They do so because we respect their vision, protect their identity, and empower their teams. We have created an environment where their brands can thrive. The question arises when founders leave or retire, can we maintain the momentum of our brands? Even after founders depart or retire, we have learned how to preserve the spirit of desirability of the brands they created. We believe this requires a delicate balance and is a rare capability. Here you see examples of growth before and after founder transition just up to FY 2025. The results show that Puig not only nurtures brands while founders are present, but also sustains and accelerates them after founders step back. For example, Carolina Herrera is 5 times the size it was in 2008, and Jean Paul Gaultier is 6 times its size when we took beauty in-house. After Dries Van Noten's retirement and Van Wolferen's departure, we have succeeded in not only growing, but accelerating the brands they founded. In 2025, both Byredo and Dries Van Noten fashion have experienced double-digit growth. We believe this is a testament of a strong platform. Over the years with our unique approach, we have generated significant value from acquired brands. Here we give you a glimpse of how inorganic growth has contributed to Puig as you see it today. About half of the revenues we generated in 2025 came from brands acquired after 2011. These brands have grown to many multiples of their sizes at acquisition under Puig stewardship. This reflects our ability to scale brands, reinforce storytelling, expand distribution, and professionalize operations. At the same time, we drive value over the long term. Our longest standing owned love brands, Rabanne, Carolina Herrera, Nina Ricci, have grown at 9% compounded annual growth rate between 2004 and 2025. As is also evident from this chart, we have always believed in a patient approach, and not every brand will thrive immediately. We will continue to focus on transactions that create long-term value rather than just short-term volume. I will now turn to the third main area of focus for me, our talent and how we invest intentionally in our people. A critical part of our long-term strength is talent. For more than 15 years, we have invested in building our own leadership pipeline through Janus, Neos, and Spark. These programs are shaping future leaders across the organization. I want to talk about our Janus program. This is a 24-month program for candidates with high talent potential, with at least 8 years of relevant professional experience, of which they have spent at least one year at Puig. The program is conducted in partnership with business schools, internal, and industry leaders. We launched this program in 2011, the fourth generation currently underway, and we have covered 167 participants since launch. We are incredibly excited about and proud of the talent we have built through it. This internal pipeline gives us cultural continuity and strategic discipline. At the same time, we are proving to be very attractive to external talent. I would like to show how our programs fit talent into every level of leadership. We have seven Janus alumni within our group executives, including two executive committee members today, Thomas James and Miquel Angel Serra, somewhere here, whom you will hear from later today, and an additional 24 Janus and Neos if we also include our key executives. Together, these tiers make up the leadership and future leaders of Puig. Our structure allows us to identify high-potential people early and develop them with care. This is one of the reasons we maintain a strong succession across key roles. Even with the strength of our internal culture, 21% of our key roles were filled with external talent. This is a remarkable strength, particularly as the company grows, and we need to build muscle in new areas. These external talents bring experience and perspective that enrich the organization. This combination of internal depth and external expertise gives us a robust leadership engine. Before I conclude, I want to spend just a few minutes on sustainability. This has long been part of how we build and grow Puig, and is an important mandate from the Puig family that we strive to be at the forefront of our industry. As a home of creativity, we believe that creativity and responsibility go hand in hand. Sustainable growth requires both. That is why our approach focuses on creating long-term value for all our stakeholders while managing our environmental and social impact. With Nurture Positive Impact, our sustainability strategy to 2032, we are taking that commitment further and embedding it more deeply across the businesses. The strategy provides a clear framework to guide our actions, measure our progress, and strengthen accountability across the organization. Built around two priorities, planet and people, it is supported by five pillars and 14 measurable targets aligned with global standards, science-based targets, and regulatory requirements. Our mission is straightforward: to grow responsibly, reduce our environmental footprint, support people and communities, and ensure sustainability remains embedded in the decisions we make every day. Underpinning this ambition is a defining strength of Puig, creativity. More than part of our heritage, it is a strategic capability that drives innovation, supports resilience, and helps us create long-term value for future generations. As I close, I want to share a personal reflection. Leading this company as CEO for 22 years has been the greatest privilege of my professional life. What I see today is a company that has never been stronger. We have desirable brands, a powerful platform, disciplined governance, a strong balance sheet, and a team united by a culture that blends creativity with execution. Most importantly, we have a long-term vision rooted in family values and built for global ambition. My commitment as executive chairman is to protect this vision and help guide Puig through its next chapter, so that future generations inherit a company even stronger than the one we lead today. Thank you for your trust, your partnership, and your interest in Puig. I will now hand it over to Jose Manuel, who will share the new vision with you. Thank you. Good afternoon. Welcome to our Capital Markets Day, and thank you for being with us today. Following the introduction by Marc, our executive chairman, I will take you through Puig in a new era. Over the next hour, I will share with you our track record of growth, our ambition, Ambition 2032, which includes strategic priorities across brands, categories, and markets. Then I will discuss key organic white spaces we see for future growth and how M&A could complement it. I will continue with the excellence behind the way we operate and the discipline behind the way we operate. Finally, the introduction of our home of creativity before I introduce you to the teams driving our success. Our leadership team will take you through the financial overview, followed by our go-to-market and operational capabilities, as well as the brand presentations. We will also have two panel sessions this afternoon. Our objective today is simple: to give you a clear and deeper understanding of who we are, where are we going, and how we plan to get there. Let me start with something that is deeply rooted in Puig's DNA, our passion for growth and our commitment to deliver it with discipline and consistency. Over the last 5 years, Puig has been the fastest-growing multi-brand company in the premium beauty industry, significantly outperforming the premium beauty market, growing at 18% CAGR. Our strongest growth engines have been U.S. market, fragrance, our core category, and makeup. To put our performance into context, in prestige fragrance, we have grown from 8.9% to 11.1% share in 4 years, with three brands in the top 10: Rabanne at number 5, Carolina Herrera moving from number 7 to number 6, and Jean Paul Gaultier from number 17 to number 9. In the first 6 months of 2026, we continued to gain 0.3 points of market share versus last year. In makeup, Charlotte Tilbury was the top 4 makeup brand worldwide, moving U.K. from 8.5% to 9% market share by 2025 and in the U.S. from 2.2% to 4.1% market share, moving from top 15 to top 3. This momentum continued again in the first 6 months of 2026, where we gained 0.4 points in market share versus last year in makeup. In skincare, we aspire to expand from 2.3% to 2.6% market share in our track markets of Europe, building a strong foundation for future growth within Puig Derma. Similarly, the momentum continued with Uriage gaining 0.2 points of market share in the first 6 months of 2026. This is not incidental growth, this is intentional and disciplined, a growth model that works across cycles. A model built on brand durability, geographical balance, execution discipline, and long-term value creation. As we look ahead, our goal is not only to grow faster than the market, but to do so sustainably, profitably, and with purpose. This growth is the foundation. Let me start now with a broader market backdrop. We continue to see premium beauty as one of the most attractive consumer categories globally, supported by a growing consumer base, continued innovation, and increasing focus on wellness and self-care. Looking ahead, we expect the market to grow around 4%-5% annually through 2032. After a reset period in 2025, I have an issue with the. Sorry, there is a technical issue. If we can solve it, that will be great. As I was saying before, after reset period in 2025, we expect growth in 2027 to be towards the lower part of this range, with gradual improvement towards 2032. Importantly, the most growth opportunities remain concentrated in two categories: fragrance and dermacosmetics, categories where we see the stronger structural tailwinds and where Puig is particularly well-positioned. Let me start with fragrance, where we continue to see one of the most compelling growth drivers. Fragrance remains one of the most dynamic categories in global beauty, supported by both a consumer growing base and a deeper consumer engagement. Over the past several years, awareness and product discovery have accelerated adoption across large and historically under-penetrated markets such as U.S., China, Japan, and South Korea. In the two largest beauty markets, the U.S. and China, there is clear evidence that daily and weekly usage frequency has increased drastically. Looking at younger consumers, Gen Z are using close to six fragrances versus less than three in 2017. The category is also benefiting from a significant expansion in its consumer life cycle. TikTok is introducing consumers to fragrance at an increasingly younger age, while longevity trends are extending participation well into later life. Combined with growing use of fragrance as a tool for self-expression, this has added up to 10 years to the average period consumer engaged with the category. This is driving trends such as layering and fragrance wardrobe, which are increasing both frequency of use and overall category spend. The niche category, which particularly benefited from this, has been growing twice as fast as the broader fragrance category and is one where Puig will continue to double down. Combining with fragrance positioned as an entry of luxury, these trends give us confidence in the category's long-term growth potential. Next, let's look at dermo-cosmetics, one of the most attractive categories in beauty today. It is the fastest-growing segment of skincare and is expected to reach EUR 50 billion by 2032. That growth is being driven by three structural shifts. Consumers increasingly seeking safety and efficacy with accessibility, distribution expanding beyond pharmacies into multiple channels, and a broader consumer engagement beyond medical through social and digital influence. Structural shifts such as the aging profile of population, longevity trends, global warming, and education around sun protection are further contributing to a greater focus on efficacious skincare. Together, these trends create a large and expanding market with a long runway for sustainable growth. We believe that our portfolio is well-positioned in some of the most attractive and fast-growing beauty categories, and our ambition is clear: to continue outperforming the market and gaining market share as we have consistently done over the past five years. Now let's look towards the future and share with you our Vision 2032 for Puig. Our ambition is to become an EUR 8 billion plus company that will position as a top four premium beauty company and as a top two fragrance player by 2032. All this while reaching 22.5% adjusted EBITDA margins. As a premium beauty company, we will share with you the building blocks to move from top five to top four. We believe in doubling down on what we do best to become the top two fragrance player, gaining market share in both prestige and niche fragrances. If I have to summarize the core of what we will be sharing today, in a few words, it will be this: scale what works profitably. How do we deliver this ambition? Over the next few years, our priorities are clear and focused. Double down on our core brands, scale what works, and do so profitably. Our first priority, doubling down on our prestige fragrances. We aim to build a strong selective beauty brand with presence in fragrance and makeup in Carolina Herrera, our largest brand. We will continue disrupting the prestige fragrance market through Rabanne and Jean Paul Gaultier. For Carolina Herrera, a billion-euro brand today, while continuing accelerating fragrance, the next growth avenue is makeup. Leveraging the institutional know-how we have with Charlotte Tilbury and strengthening the beauty architecture beyond fashion. We will continue disrupting the prestige fragrance market through Rabanne and Jean Paul Gaultier, driven by a strong innovation calendar, unique and culturally relevant narratives, and consistent global activations. Momentum is strong, and we intend to accelerate it. Our second priority, reinforcing leadership in niche. Niche is the fastest-growing segment in fragrance, where the market grew at 11% CAGR between 2022, 2025. Our leading brands, Byredo and Penhaligon's, grew by a strong double digits percent over the last five years. We will continue scaling niche selectively to preserve exclusivity while expanding distribution penetration where profitability is clear. While our footprint is only a fraction of our larger competitors, we intend to do this selectively and strategically. Our third priority, unleashing the full potential of Charlotte Tilbury as a tri-axis beauty brand. Since Charlotte Tilbury joined our portfolio in 2020, we have seen the brand more than triple in size, approaching EUR 1 billion today. There is still significant growth by scaling what works. We truly believe it is a brand with a unique understanding and connection with consumers, giving it the right to become one of the largest tri-axis beauty brands globally. For Charlotte Tilbury, while continuing to expand makeup and skincare significantly, the next acceleration lever is fragrance by 2028, unlocking the brand's full multi-category potential. The brand is only in one third of the distribution of its main competitors, and we plan to continue scaling what works. Finally, it is our ambition to create a dermo-cosmetic global champion. Derma will become a strong pillar of growth, particularly as we see the potential that comes with combining the strength of our latest acquisition, ISDIN, with Uriage. This also reinforces our ambition in skincare beyond the dermo-cosmetics offerings, as we can selectively leverage learnings across other skincare brands. Our ambition is clear: to take Uriage from a regional champion to a global leader, accelerating this ambition using the high wife of ISDIN. While it is too early to comment on a specific plan for ISDIN until the transaction close, it will clearly become the pillar of Puig's dermo-cosmetics ambition. With these brand priorities at the top focus, we believe there is a clear path to achieve our goal of EUR 8 billion by 2032. In addition to these four priorities, we remain open to selectively welcoming new brands into our portfolio should the right opportunity arise. However, our primary growth will come from reinforcing our core, prioritizing profitable growth over diversification. From a market perspective, our priorities are to strengthen our fortress and conquer new geographies. First, consolidating our strongholds, EMEA, LATAM, and travel retail. We will consolidate EMEA, our leading region, where we hold a strong leadership in fragrance, makeup, and Derma. At the same time, we will continue to reinforce our Latin America fortress, where we hold 20%-plus market share in fragrances. We successfully introduced Charlotte Tilbury in Mexico and accelerated Derma in 2025. Our EMEA and LATAM positions will be reinforced in skincare with the participation of ISDIN and the benefit that its footprint can bring to Uriage. We will continue gaining share in travel retail, not only in France, where we have moved from 9% to 13% market share over the past four years, but also by increasing exposure of Charlotte Tilbury and Derma further. Second, doubling down on the U.S. The U.S. has been our priority for five years. In 2025, it represents 21% of Puig sales, becoming our largest market worldwide. We have gained 2 points of share in both fragrance and makeup in 2021, and we continue to gain share in 2023 in both. Now we will accelerate further by expanding niche, entering Amazon U.S. with prestige fragrance and Derma, and reinforcing penetration in Sephora and Ulta. The U.S. is not just a business story, it is a scale story. We will continue to accelerate the excellent performance of the last years. Third, building a stronghold in APAC. The time has arrived for Puig to build a true stronghold in APAC. The region only represented 11% of Puig sales in 2025. We have been cautiously waiting and have slowly been investing for the right moment for us. With the U.S. firm established, we are finally ready to take on the Asian challenge. In the coming years, we will focus on APAC, where we achieved 22% growth in the last year and 18% year-to-date. Let's turn to our white spaces for growth. Now that we have set priorities for brands and markets at the intersection of both, we see six clear pockets of growth: digital expansion, the APAC opportunity, U.S. penetration in niche, feminine fragrance innovation, prestige makeup distribution, and maximizing markets and channels for dermacosmetics. Let's go one by one. Let's talk about the first one, digital, a major accelerator. The digital channel represents 30% of the total beauty market and 26% of total fragrance market. At Puig, total digital beauty penetration is 27% of our sales because our digital fragrance penetration currently stands close to 24%. While we have gained around 2.5 points over the last three years in fragrances, we still see significant headroom for growth by gaining over 5 points in fragrances to close the gap versus market digital penetration. In prestige fragrance, we see substantial opportunity by entering Amazon U.S. and Mercado Libre in 2026, platforms where we were not present and our competitors were already. Demand indicators are very strong. According to Google Trends 2025, Rabanne One Million is the number one most searched male fragrance, while Carolina Herrera Good Girl ranked number one in feminine. We also see tremendous potential in entering TikTok Shop with our selected assortment. On TikTok, Jean Paul Gaultier Le Male is the number one most engaging masculine fragrance, and Carolina Herrera Good Girl is the number one most engaging feminine fragrance, and both brands rank among the top two in overall fragrance visibility. Our digital expansion will execute with discipline and profitability in mind while keeping our obsession on preserving and improving gross margin. To further create growth, we are optimizing our advertising mix, moving from a traditional 60/40 split to 20/80 in favor of digital investment, aligning spend with consumer behavior and maximizing return on investment. In makeup, where our digital penetration is already 36%, we introduced Charlotte Tilbury on Amazon U.S. in the second half of 2025 very successfully and accretive to the rest of the distribution. In Skincare and Derma, where our digital penetration is 20%, we are expanding our presence on Amazon in the U.S. and broadening e-distribution in Europe as well as the rest Derma digital platforms to reach 30%. Digital is therefore not just an incremental channel, it's a major accelerator of growth executed with control, margin discipline, and brand consistency. Now let's talk about the APAC opportunity. APAC represented 39% of the total global beauty market in 2025, while it accounts for only 11% of Puig sales. This gap represents both a tremendous opportunity and the right moment to act, as for the last five years, we have been focused on executing on North America while preparing to set up for Asia. Our strategy in APAC is differentiated by form. In Northeast Asia, we will focus on niche brands and Charlotte Tilbury. In China, our niche brands, Byredo and Penhaligon's, are currently ranked top six and top seven respectively in the niche market, and they have delivered double-digit growth over the last five quarters. We have a strong focus on growing our productivity per door while we still have significant distribution headroom compared with the distribution footprint of the top 10 leaders in niche. We also reactivated Charlotte Tilbury in China last year, supported by Charlotte's visit with tremendous success, gaining extraordinary reaction. Plus 28% growth in 2025, and plus 38% growth in the first nine months of 2026. We see substantial opportunities to the brand, not only makeup, but also in skincare. We are only present in 20 doors, so the potential to scale what works is tremendous. The success in China reinforces our confidence in replicating this model across our newly created subsidiaries in Japan and Korea, key markets for both makeup and niche fragrances, and where we saw high double-digit growth last year and year to date with our niche brands, and where Charlotte Tilbury is currently not present yet. Let's move now to Southeast Asia, India, and Oceania, where our focus will be on prestige fragrance and Derma. In markets where we already operate, we are seeing a strong momentum with a robust double-digit growth year on year. We set up subsidiaries in Singapore and Malaysia, and will incorporate new ones in Thailand, Indonesia, and Vietnam in 2027, 2028, creating infrastructure for long-term expansion. In India, our subsidiary created in 2023 has integrated our prestige fragrance business with our top five local premium skincare brand, Kama Ayurveda, strengthening our control and growth potential. Our subsidiary in Oceania has consistently outperformed our growth expectations, reinforcing the attractiveness of the region. With this clear strategic split between Northeast Asia and Southeast Asia, we are setting the right level of ambition without compromising profitability. We are focusing each brand on the market where it has the highest probability of success, ensuring that our APAC expansion is disciplined, scalable, and profit-driven. Moving to the third white space, U.S. penetration of niche. The U.S. represents approximately 25% of the total global niche fragrance market, yet it accounts for only 14% of Puig's niche sales. This gap highlights a clear structural opportunity, focusing especially on wholesale distribution. Our niche brands are currently present in only 60 stores in the case of Penhaligon's and 190 stores in the case of Byredo in the U.S., with the potential to scale its presence up to the 500 stores where all our niche competitors already are, while carefully preserving brand equity and exclusivity. Expansion will be selective, productivity driven, increasing risks without compromising positioning. We have already done the groundwork in the U.S., building strong foundations, strengthening our organization, and proving our ability to scale profitably. Now it's time to fully capture the niche opportunity in the world's largest market. Now to the fourth one, innovation in prestige feminine fragrance. The feminine prestige fragrance segment represents 65% of the total prestige fragrance market. Historically, Puig has had a stronger position in masculine fragrances, a segment that represents only 35% of the total market, and where we are top 2 and commanded a 16.6% market share in 2025 with 3 iconic brands in the global top 10, Le Male, 1 Million, and Invictus. Today, our feminine market share stands at 8.4%, leaving significant headroom for expansion. The phenomenal successes of our last feminine launches, Good Girl, global leader, and La Bomba, the number 1 launch of 2025, demonstrate our recent ability to compete also at the highest levels in the largest segment of the market, the feminine one. Over the next 3 years, we will refocus an innovation plan designed to close this gap and structurally strengthen our feminine portfolio with 3 consecutive feminine blockbuster fragrances, across Jean Paul Gaultier, Charlotte Tilbury, and Rabanne. In Q3, we have launched La Favorite, the first feminine fragrance launch from Jean Paul Gaultier in 10 years. This represents a deliberate rebalancing of our portfolio and a major opportunity to capture a share in the most important segment of the category, the feminine one. Now let's go to the opportunity we have with prestige distribution in makeup. Charlotte Tilbury is one of the most coveted and loved makeup brands globally, with significant opportunities for door expansion. While the brand has seen a strong success in U.S., U.K., and France, there is a strong white spaces in multiple geographies. In Asia, where we have seen China booming, yet Charlotte Tilbury is distributed in only 20 physical doors, compared with 150 doors for premium makeup competitors and 300 plus doors for leading beauty players. The brand is not yet present in markets such as Japan, Korea, and Taiwan, all major strategic makeup markets. In Latin America, the brand has been introduced in only one country, Mexico, in 2025, where it has delivered tremendous success. We plan to expanding into Brazil, Chile, and Argentina. In the top 5 European markets, Charlotte Tilbury is present approximately in 800 stores, while major competitors are in 6,000 plus stores. To give you an example, we only recently, in 2026, brought Charlotte Tilbury to just 30 locations at Boots, the largest beauty destination in the U.K., where our competitors are present in 250 stores. In travel retail, we see potential to multiply by 5 the number of stores while remaining extremely selective to protect brand equity. Those coming from London just might have seen in Terminal 5. The opportunity for further expansion across existing markets is substantial. Through Puig Superiority, we will accelerate Charlotte Tilbury entry into several markets where the brand is not yet present, doing so with discipline and careful control of the distribution quality. Finally, let's move to the opportunity in dermacosmetics. Dermacosmetics are becoming an increasingly relevant and meaningful alternative to prestigious skincare, driven by a consumer demand for more accessible price points combined with scientifically proven efficiency. We believe this continues to be the most attractive category within skincare for the long term. As you can see from our intention to consolidate with ISDIN, we are doubling down in this category. The pharmacy channel is one with high barriers to entry and one where brands with true efficacy and brand equity are made. We multiply our strength in this channel with ISDIN, and Uriage will benefit from it too. The acquisition of ISDIN is about creating a stronger platform for growth. ISDIN brings a highly attractive brand, deep scientific expertise, and significant runway for future expansion. Puig brings global scale, branding excellence, and a proven capability to accelerate beauty brands internationally. Together with the opportunity to significantly expand ISDIN reach, leverage the great know-how in injectability and photoprotection across our broader skincare portfolio, and unlock the benefits of a greater scale across our operations. Importantly, the opportunity in Derma extends beyond ISDIN, combining the strength of ISDIN, scaling Uriage from a regional champion to a global leader, and growing Apivita creates an even more powerful dermocosmetics ecosystem. Today, our pro forma portfolio with the top three in Europe dermocosmetics grossing over EUR 1 billion in net revenue. On top of that, prestige retailers are taking advantage of this high consumer demand, expanding into this category, specialty beauty retailers such as Ulta or Boots, department stores, and travel retail in major international airports. These are channels we already master through our fragrance and makeup businesses, giving us the advantage to scale faster and with a stronger leverage than traditional dermocosmetic players. Consumer behavior is shifting rapidly. Where previously consumer went to pharmacies with a medical prescription, today many enter in a beauty retailer with a TikTok post guiding their purchase decision impacted by the dermoinfluence phenomenon. Digital platforms, particularly pure players such as Amazon, Mercado Libre, Shopee, and Notino, are also entering the category, representing for some leading Derma brands up to 30% of the total business. We are incredibly excited for the opportunity dermocosmetics ahead of us. This is why the Spaces sum our sixth-largest organic initiative that support our ambition to reach EUR 8 billion net revenues by scaling what works profitably. In addition to organic growth, scaling what works profitably, acquisition will continue to play an important role in Puig's journey. As I mentioned before, our ambition is to build scale primarily through our existing portfolio. M&A is an accelerator which could help us to go beyond the EUR 8 billion ambition. When evaluating acquisition, our criteria are clear. We look for brands consumers genuinely love, with a unique identity and a clear reason to exist. We look for opportunities that strengthen our capabilities, expand our presence in attractive geographies, and offer compelling paths to sustainable value creation. A standalone financial profile and potential to scale within Puig are key. Importantly, we maintain the financial flexibility to act when the right opportunity arrives. We leverage the strength of our balance sheet and our cash generation give us the capacity to invest while preserving discipline. Looking at our M&A track record through a segment lens, what emerges is a portfolio built with clear strategic intent. The common thread has been our focus on building leadership in the most attractive areas of the market and further diversifying our business beyond prestige fragrances. In particular, niche and dermocosmetics have been the most active areas of investment and continue to represent highly attractive categories. Most recently, that conviction led us to acquire the remaining 50% of ISDIN, taking full ownership. As you heard from Marc, we have also made minority financial investment in Chemn, an emerging pharmacy-led focus on microbiome skincare, which represents science-driven, high potential opportunity, which we will continue to monitor. We have spoken about the ambition. Now let's focus on the way we operate, which is key to achieve this ambition. We are organizing ourselves to enhance what made us so strong, the DNA of drastic innovation, protective brands autonomy, and position the organization to preserve this with agility at scale. To do this, we are moving from a more divisional structure with specialized silos and limited scale, to a more integrated organization built around three core pillars, global brands, global markets, and global functions. Alongside this, we are streamlining our operational model through a common back-office structure and leveraging existing superior structure as one group more effectively, which will drive efficiency and synergies through the organization that we will explain a bit more during the presentation today. We are also transforming through AI, which sits at the foundation of how Puig will compete in the next decade. AI is an area where we see a significant opportunity to sharpen Puig's competitive advantage. Our strategy starts with our people. We are building AI capabilities across the organization, embedding AI into our processes to make Puig faster and more efficient. We are also making a number of transformational bets where AI can generally change how we compete. We are really seeing this in practice. In R&D, AI is helping us reduce formulation lead times. Online, we are using AI to accelerate discovery and improve how our products are recommended to consumer. For consumers, we are bringing together multiple sources of data to identify trends earlier and make sharper decisions. With our operations, we are unlocking capacity to focus on higher value activity. With our brands, we are reducing content deployment cycles and supercharging brand storytelling. These are a few examples, and Javier Bach will take you through this initiative in more detail later today. But fundamentally, AI is about combining greater intelligence, precision, and speed with the creativity and bold instincts that have always defined Puig, amplifying what make us distinctive at greater speed and scale. Consumer behavior has been transforming for a decade. First through digital and social, now through AI. Winning takes a real understanding of behavior and needs and how they shift across markets and categories. That starts with turning data into insights, which has been data rich for a long time. What is new is connecting that data into one intelligent backbone. That's Puig Prisma, an engine that turns fragmented signals into insight, foresight, and recommended action, built on our own context so every decision carries something no competitor can copy. We compete by leading with relevance and creativity, sharpened by a deeper read of the consumer through content activation that is precise, fast, and through to each market. From the excellence in the way we operate, let's move now to the discipline in the way we execute. As important as our growth vision and how we operate is our discipline in execution and our obsession with profitability. We have identified clear levers that will help us unlock at least 180 basis points of adjusted EBITDA expansion by 2032, reaching 22.5%. Since 2023, we have already delivered 70 basis points. We see a clear path to continue expanding margins, supporting our ambition to reach 22.5% EBITDA by 2032. To do this, our three key levers are, first, focus. We will continue to prioritize the brands, categories, and markets with the greatest potential to drive both growth and profitability across the portfolio. Second, synergies. As we further integrate recent acquisitions and leverage our operating structure, we expect to capture additional efficiencies and unlock value across the organization. Third, cost efficiency. We remain disciplined in how we allocate resources, continuously seeking opportunities to simplify, optimize, and improve returns across the business. This strategy builds on focus and profitable scale. That is what we call scale that works profitably. We are not pursuing growth for growth's sake. We are concentrating our resources where returns are most attractive, where our brands have the strongest right to win, and where disciplined execution can create sustainable value. That is how Puig will continue to deliver profitable growth and margin expansion in the years ahead. Let me start with focus. One of Puig's strengths has always been its entrepreneurial mindset and ability to act decisively. That allows us to allocate resources behind our highest return opportunities, doubling down on our strongest brands and most attractive growth pockets. At the same time, we are simplifying the portfolio by streamlining non-strategic activities and discontinuing initiatives that do not meet our return expectations. The second lever is capturing synergies. We are evolving from divisions to global brand groups, enabling greater scale and efficiency while preserving the creative autonomy that makes our brands distinctive. In parallel, we are unlocking synergies across our global support functions, advancing IT integration and operational alignment to create simpler, more scalable organization that can grow faster and more profitably. We are also moving to our One Group Platform trajectory, enabling brands to accelerate geographically while maintaining dedicated go-to-market capabilities where needed. Finally, we continue to unlock value through the integration of acquired brands, which is currently ongoing with Rabanne and Derma, and in the future will include ISDIN. With all these integrations forth over time and greater conversion across the platform, we expect to unlock approximately EUR 80 million of value over the next three years. The third lever is cost efficiency. We are maintaining discipline control of our cost base while continuously optimizing the allocation of capital and resources across the business. This enable us to reinvest behind our brands, strengthen profitability, and enhance the resilience of our business model. We often refer to our Puig approach as the home of creativity. Creativity is embedded in our everyday work and deeply connected to our past, present, and future performance. As Puig, creativity is both a cause and a consequence of growth. Puig creativity is therefore a strategic capability, a source of resilience, insurgency, vitality, and long-term competitiveness. As we proudly state, Puig's journey has always been a David versus Goliath story in the beauty industry. In this context, creativity that breaks norms and challenge established system is not merely a choice, it's our engine of renewal. It's how we confront challenge, we think contrary, and disrupt conventional ways of solving them. We see this clearly across our brands and launches. 1 Million, now our top 10 fragrance worldwide, was our bold response to the 2008 financial crisis, embracing maximalism and a show of attitude to disrupt one of the most minimalistic fashion eras. Le Male, a top 2 fragrance worldwide, become recently viral by celebrating diversity and inclusivity at the height of the MeToo movement, turning cultural tension into cultural relevance. La Bomba, the best launch in 2025, celebrates Latin power and pride, boldly engaging with the complexity of the Latin diaspora. The seemingly antagonistic idea of putting a fragrance in a shoe defied the category logic and became the number one woman's fragrance worldwide. Our reinvention of the niche fragrance segment with Byredo, building cultural relevance by adapting the local fabric and reinforcing sense of place around the world. Rabanne has redefined consumer engagement with a track record of out-of-the-box initiatives. The brand Christmas campaigns are legendary, like the one we are excited for you all to see for 2026. The same mindset extends to dermacosmetics, where creativity and scientific rigor drives innovation. At Puig Derma, R&D means asking new question and finding new answer to deliver clinically proven advances in skin health. Sustained research, deep dermatological expertise, and high entrepreneurial culture give our scientific talent the capabilities and the space to challenge convention and innovate creatively. These are not isolated successes. They are proof points of a consistent mindset. Through creative insolence, boldness, and a healthy sense of rebellion, Puig continues to challenge the market, redefine the durability, and create brands that resonate culturally and thrive commercially. This is how creativity moves from inspiration to impact, and this is how it becomes a driver for sustainable value creation. This is how combined entrepreneurship with scale, creativity with rigor, and intuition with intelligence, ensuring that our form of creativity remains a powerful engine for sustainable growth in the years ahead. Time to introduce you now to Puig leadership team, the entrepreneurs of this form of creativity, and most of them will be presenting today. Miquel Angel Serra, our CFO, he will cover our financial overview. Javier Bach, our President of Global Markets and COO, he will cover our go-to-market and operations. Ana Trias, President of Fragrance and Fashion Brands, she will cover CH, Rabanne, and Jean Paul Gaultier. Thomas James, President of Niche & Wellness Brands, he will cover Byredo and Penhaligon's. Kaatje Noens, Managing Director of Charlotte Tilbury, she will cover Charlotte Tilbury, and Marc Toulemonde, President of Derma, he will cover Uriage. We also have with us Marine de Boucaud, our CHRO, and Eugenia de la Torriente, our Chief Communications Officer. With this great leadership and the good teams we have in entire company, we will go both farther and faster as we scale what works profitable. With that, I hand to Miquel Angel, our CFO. Thank you. Good afternoon, everyone, and thank you for being with us today. Now that you have heard from Jose Manuel, the building blocks of our strategy and our Vision 2032, it is my pleasure to walk you through the financial perspectives. Over the next 30 minutes, my goal is to give you a clear and structured view of our financial ambition for 2032, how we intend to deliver profitable growth with a path for cash generation and deleveraging. I will recap our capital allocation priorities and the strategic investments that support our vision for long-term value creation. Let me start by approaching our Vision 2032 from the financial perspective. Our vision is built around a clear set of ambitions. Our first target is to exceed EUR 8 billion in net revenues through continued growth ahead of the premium beauty market. Here, as Jose Manuel had mentioned, we expect the market to grow in the 4%-5% range in like-for-like terms, with gradual improvement within that range towards 2032. The second target is to improve adjusted EBITDA margins to exceed 22.5%. We aim to achieve these targets while maintaining a disciplined capital allocation framework. We maintain our dividend payout ratio. We will preserve a strategic flexibility with a year-end leverage ratio below two times net debt to adjusted EBITDA. Here, the year-end reference point reflects the seasonality of our cash generation, which is weighted towards the second half of the year. Finally, we maintain our ability to pursue selective and value-accretive M&A opportunities that strengthen our portfolio and accelerate our long-term strategic choices. As Jose Manuel has mentioned, we are focused not just on delivering growth, but doing so while increasing our profitability. Over the past years, Puig has demonstrated the ability to grow faster than the market while simultaneously expanding profitability and strengthening the balance sheet. Our Vision 2032 is based on continuing to execute the same strategy. The path to exceed EUR 8 billion is primarily organic and will be driven by a combination of scale and compelling above-market growth. The largest contributors will be the continued strength of prestige fragrances, the expansion of niche, the scaling of Charlotte Tilbury, and the emergence of Dermo-Cosmetics as a major growth engine. For avoidance of doubt, the EUR 8 billion ambition includes ISDIN within our Dermo-Cosmetics target. In addition, selective and curated M&A remains a capital allocation priority and could provide further upside beyond the EUR 8 billion. As we look towards 2032, our growth will become increasingly diversified. Fragrance and fashion will remain the largest contributor to our business and continue to be a key driver of profitable growth. Here, our priority is clear: protect our leadership positions, double down on prestige fragrances, and reinforce our leadership in niche fragrances. At the same time, makeup will continue to represent an important pillar for Puig with the continued expansion of Charlotte Tilbury. Our ambition is to unlock the brand's full potential as a tri-axis beauty brand while continuing to scale its distribution and organic growth opportunities globally. Finally, skincare. Skincare will increase its weight within the portfolio and become the next important growth engine. By combining the strength of ISDIN and our existing brands, Uriage and Apivita, we aim to build a global Dermo-Cosmetics champion and create a scaled platform for long-term growth. To give you a bit of perspective, pro forma for ISDIN, Puig skincare in 2025 will already be at EUR 1.2 billion in net revenues, making it the second largest business segment. As a result, while Fragrance and Fashion will remain the cornerstone of Puig and Charlotte Tilbury will remain an important growth lever, we expect a progressively greater contribution from Skincare, resulting in a more balanced and diversified portfolio by 2032. Our geographic growth strategy is built on two priorities, protecting and compounding growth in our strongholds while capturing attractive white space opportunities in under-penetrated markets. EMEA will remain the cornerstone of our business. We will continue to reinforce our leadership positions across fragrances, makeup, and the expanded footprint of our Dermo-Cosmetics platform. In LATAM, we see a strong opportunity to leverage our leadership in fragrances to becoming a multi-category champion. In makeup, we see high potential with Charlotte Tilbury in the region, and in Dermo-Cosmetics, we will have an expanded platform with the addition of the ISDIN footprint. At the same time, we will accelerate growth in North America and Asia Pacific, where the size of the opportunity remains significantly larger than our current position. In North America, we see several growth engines. We have substantial white space in niche fragrances and the opportunity to scale further our prestige brands in the region. Our ambition is to establish Charlotte Tilbury as the leading makeup brand in North America while accelerating our growth in Dermo-Cosmetics. In Asia Pacific, our priorities are clear: scaling Charlotte Tilbury and niche fragrances in Northeast Asia while accelerating prestige fragrances and Dermo-Cosmetics across Southeast Asia. All in all, while we expect faster organic growth from North America and Asia Pacific, we do not anticipate a material change in our regional mix by 2032, as our strongholds in EMEA and LATAM will be reinforced with the inclusion of ISDIN in Dermo-Cosmetics. Our ambition is to strengthen all regions and build a broader, more balanced growth platform across the group. Let me now turn to profitability. Since 2021, we have expanded our adjusted EBITDA margin by 300 basis points, reaching 20.7% in 2025, demonstrating our ability to consistently deliver profitable growth. Looking ahead, we aim to exceed 22.5% adjusted EBITDA margin by 2032. In the near term, following the consolidation of ISDIN, we expect a temporary reset in our margin profile. This simply reflects the incorporation of a growing Dermo-Cosmetics business at scale with a different cost structure than the current group average. However, the creation of a scaled Dermo-Cosmetics platform strengthens our long-term growth and profitability potential. As our business grows, SG&A will be the key lever to drive increasing profitability. I will walk you through this in great detail in just a moment. Aside from SG&A, we also expect modest improvement across the other components of our P&L as a result of scale and leverage. Importantly, our ambition does not rely on reducing investment behind our brands. We expect A&P investment to remain within our historical range, between 31% and 33% over net revenues. I will spend some time specifically on SG&A, as it is the area where we see the largest potential for operational leverage. While the improvements since 2021 may appear modest in aggregate, this period was primarily focused on driving growth, expanding our platform, and strengthening capabilities across the group rather than capturing synergies. This has resulted in a well-invested operating platform that we are now positioned to leverage moving forward. After this period of investment, since 2023, we have already been delivering on improvements, reducing SG&A weight over 70 basis points. Looking ahead, we see four main drivers of improvement. The first one is growth. As the business continues to grow ahead of the market and scale, we will leverage this well-invested cost base even more effectively. Second is what we have been referring to as the One Group Platform, which is allowing us to simplify processes and reduce complexity across the organization. This will mean more efficient use of our shared subsidiary infrastructures, enabling us to support more brands and categories through the same subsidiaries, local platform, and capabilities, reducing redundancies. Third, the continued capture of integration synergies from acquisitions, including the benefits associated with creating a scaled Dermo-Cosmetics platform with the incorporation of ISDIN. Combining these two levers with the convergence of Charlotte Tilbury and Derma and the integration of ISDIN, we expect to unlock approximately EUR 80 million of value over the next three years. The final lever, the acceleration of AI-driven productivity initiatives. This will help our teams make faster and more informed decisions while improving efficiency across a range of activities. Javier will cover this in further detail in just a moment. Having discussed the group margin ambition, let me now look at the profitability through the lens of our business segments. As you can see, between 2021 and 2025, total operating profit more than doubled in absolute terms, growing at a CAGR of 23%, while operating margin improved by 250 basis points. Fragrance and Fashion remains our largest profit contributor, generating over EUR 680 million of operating profit in 2025 and benefiting from the scale and competitive position of our leading brands, a segment where we already have three brands in the global top 10. Makeup has delivered the strongest margin improvement. This has been driven primarily by the outstanding performance of Charlotte Tilbury while increasing the ROI focus in the smaller brands. In skincare, profitability reflects different stages of development. While our Dermo-Cosmetics brands have continued to show solid profitability levels, investment in early-stage skincare brands have continued to weigh on segment profitability. Looking ahead, we see opportunities to further improve profitability across all of our segments. Let's go one by one. Fragrance and Fashion have been the largest earnings contributor within the group and a key source of cash generation, supported by strong growth, premiumization, and market share gains across our leading brands. The segment will remain a key contributor in the years ahead, supported by continued blockbuster launches across our prestige brands and the faster growth of niche fragrances as they continue to scale. While margins are already at industry-leading levels, we still see scope for modest improvement over the period, reinforcing the role of fragrance and fashion as the largest profit contributor and a powerful engine of value creation. Turning to makeup. The makeup segment has seen the strongest margin improvement of 660 basis points in the last four years, with operating profit increasing from EUR 20 million in 2021 to EUR 96 million in 2025. This performance has been primarily driven by Charlotte Tilbury, a business whose profitability is already brought in line with group levels and which still offers significant growth opportunities as we tap into its tri-axis potential globally. Looking ahead, we see further margin expansion supported by two distinct drivers. The continued expansion of Charlotte Tilbury, building scale and stabilizing leading positions across both existing and new markets, and the leverage of our shared subsidiary infrastructure, along with the ongoing integrations as part of the one group convergence. We will also maintain a disciplined focus on higher return initiatives with the smaller brands in the segment. As the category continues to grow, our ambition is to progressively move makeup margins towards the mid-teens percentage by 2032, while continuing to invest behind the brand's long-term growth potential. Finally, skincare. Today, this segment reflects a business that is still in an investment and platform-building phase. Recent investments in Dermo-Cosmetics, expansion of our international footprint, and the integration of brands acquired in the past few years, not yet at scale, have impacted profitability in the short term. However, we believe Dermo-Cosmetics represent one of the most attractive opportunities within beauty. The full ownership of ISDIN is proof of this conviction and will transform our leadership position in this category. Looking ahead, we expect profitability to improve. Our Dermo-Cosmetics brands will scale and benefit from the complementarity of their go-to-market footprint. They will leverage common back-office platforms and subsidiaries to strengthen their market positions. We also expect our smaller brands in the segment to improve their profitability levels following strict ROI-based initiatives towards 2032. Our ambition is clear: to build a scale Dermo-Cosmetics platform capable of delivering margins progressively closer to mid-teens by 2032, while becoming an increasingly important contributor to growth and value creation. We conclude the profitability section talking about adjusted net profit. Since 2021, adjusted net profit has grown from EUR 268 million to EUR 587 million in 2025, representing a CAGR of 22% over the period. This reflects the strong flow-through from our operational performance and the disciplined execution of our growth strategy. Over the same period, adjusted net profit margins improved by 120 basis points, despite continuing to invest behind our brands, strengthening our capabilities, and making investments to fund the next phase of growth. Our capital structure has also evolved significantly in recent years. We have successfully funded and integrated multiple acquisitions while continuing to strengthen the balance sheet and maintain financial flexibility. The underlying trend remains one of consistent improvement. Looking ahead, we expect continued operating margin expansion to support sustained growth in underlying adjusted net profit. Following the full consolidation of ISDIN, we should expect lower volatility from minority interests as their materiality decreases. Over the short term, the temporary increase in leverage in a higher interest rate environment will result in larger interest expense. This impact should progressively reduce as we automatically delever the company over the coming years. This brings us to cash generation, one of the key strengths of the Puig model. Over the last five years, we have generated more than EUR 2.4 billion of cumulative free cash flow, demonstrating the quality of our earnings and the strong cash conversion characteristics of the business. This performance has been supported by three structural advantages. First, a highly profitable business model. Second, the disciplined management of working capital with further scope for improvement, particularly as supply chain dynamics normalize over recent years. Third, a capital-light operating model with historical CapEx at around 4% of net revenues. On this front, we expect the CapEx levels to remain in the 4%-5% range over the coming years. As a result, free cash flow from operations increased from EUR 434 million in 2021 to EUR 664 million in 2025. Looking ahead to 2032, we expect cash generation to remain a key differentiator for Puig with a free cash flow conversion above 50% over adjusted EBITDA. In 2032, this will represent over EUR 900 million of free cash flow generation. With strong cash generation over the last several years, we have demonstrated a consistent ability to delever rapidly after periods of strategic investment. Leverage peaked at 1.9x in 2022, as we funded multiple acquisitions, including Charlotte Tilbury and Byredo, and accelerated our growth agenda. We then brought this down quickly through strong operational cash flow and disciplined capital allocation. Between 2021 and 2025, we have deployed more than EUR 2 billion in cash proceeds towards M&A and minority buyouts, most of which were funded by operating cash flow generation. As a result, by the end of 2025, leverage reduced to 0.7x, well below our longstanding threshold, providing substantial flexibility for capital deployment. This strong financial position gives us confidence in our ability to comfortably meet our existing commitments. These commitments include the EUR 1.2 billion related to the acquisition of ISDIN over the coming years and the EUR 558 million of liabilities for business combination that remain on our balance sheet. As we have heard from Marc, one of Puig's differentiating capabilities has been our ability to partner with founders and structure acquisitions in a way that allows us to progressively increase our ownership over time. This approach enables us to build alongside founders, aligning incentives, and creating long-term value together. At the same time, it creates a natural hedge on valuations as future considerations are linked to the performance of the business, allowing us to remain competitive in M&A processes. As a result, liabilities from business combinations are not simply deferred acquisition payments. They reflect a deliberate component of our M&A strategy and an effective mechanism to allocate capital in a disciplined manner. As you can see on this slide, these liabilities peaked at approximately EUR 2.4 billion in 2022 and 2023 and have since declined materially to the EUR 558 million by the first half of 2026. Over the last few years, we have continued to increase our ownership stakes in several key brands, strengthening our participation in the value they create. Most recently, in 2026, we acquired an additional 6.5% stake in Charlotte Tilbury, increasing our ownership to 85%. This demonstrates the effectiveness of our partnership model. Even while acquiring high-quality brands, creating value alongside founders, and increasing ownership over time, we are able to maintain financial flexibility. On this slide, we see a summary calendar of our committed payments on account of ISDIN and also our liabilities for business combination. While we expect leverage to increase in 2027, we still expect to remain below our threshold multiple times net debt over adjusted EBITDA at year-end. Let me now move to our capital allocation framework, which remains unchanged and is rooted in discipline. First, we will continue investing in profitable organic growth, supporting our brands, expanding our capabilities, and funding the opportunities outlined throughout today's presentation. Second, we remain committed to our 40% dividend payout ratio, consistent with our track record and our commitment to delivering shareholder returns. Third, we will continue to pursue selective long-term and value creative M&A with a clear focus on our strategic fit, brand quality, and long-term value creation. As discussed earlier, acquisitions remain an accelerator of our strategy, not a dependency. Finally, while we act on these priorities, we remain committed to maintaining a healthy leverage profile. We preserve the financial flexibility to invest, execute on our commitments, and act on attractive opportunities when they arise. Deep diving into our second priority, our dividend growth has been strong and consistent, reflecting the strength of our earnings and our confidence in future cash generation. Our intention is to continue distributing 40% of net profits through dividends, consistent with both our track record and our capital allocation philosophy. There is one further element of our model that is important to understand and where I would like to provide greater visibility, our equity investment in associate brands. The most significant of those has been ISDIN, where Marc and José Manuel have shared additional color. We do not consolidate ISDIN today, but once we begin to do so in Q1 2027, we naturally expect the contribution of JVs and associates to our net profit to reduce. In terms of its most recent performance, during the first half of 2026, ISDIN grew in line with our dermocosmetic brands at double-digit levels, and we saw profitability improving significantly in 2026 versus 2025 levels. While it's more in scale, we want to provide an update on our other associate investments. We hold a 35% stake in Granado and a 25% stake in Esteve. As a reminder, we do not consolidate any of this. Granado is a heritage Brazilian Dermo-Cosmetics brand with strong local credibility and a growing international profile. Revenues increased from EUR 126 million in 2021 to EUR 285 million in 2025, a 23% CAGR over the period. Operational profit margins improved by 600 basis points, and net profit to Puig rose from EUR 4 million to EUR 14 million. Granado remains a highly attractive asset with strong fundamentals. Now moving to STL. STL manages the ready-to-wear collections for CH Carolina Herrera and Purificación García. While it is a more stable, mature business, it continues to generate solid financial performance. Revenues grew from EUR 328 million in 2021 to EUR 416 million in 2025. While margins showed some pressure during this period, absolute net profit to Puig remains stable. STL also supports the broader ecosystem of Puig Fashion. Before I conclude, I will quickly recap the financial ambition. By 2032, our ambition is to grow beyond EUR 8 billion in net revenues while continuing to outperform the premium beauty market. At the same time, we see a clear path to exceed 22.5% of adjusted EBITDA margin, supported by scale, synergies, and operational efficiencies. We also expect to maintain strong cash generation, sustaining a free cash flow conversion of above 50% of adjusted EBITDA, targeting over EUR 900 million of free cash flow by 2032. This will allow us to continue investing behind our brands, maintain our dividend policy, preserve a conservative leverage profile, and retain flexibility for selective value-creating M&A. Puig has demonstrated the consistent ability to combine strong growth, margin expansion, cash generation, and disciplined capital allocation. Our ambition for 2032, while significant, is built on the same recipe for value creation, growth, profitability and cash generation. As José Manuel already mentioned, scale what works profitably. With that, thank you for your attention. I will leave you with a video that captures the essence of our vision and illustrates who we are. Following that, we will be delighted to take your questions. Thank you very much. The world is changing and so is Puig. We are entering a new era defined by ambition, acceleration, and opportunity. Building on our strong foundation, we are unleashing the next chapter of our growth journey with clarity of vision and bold intent. Our mission is clear. At the heart of both our legacy and our future lies one defining strength: creativity. Puig is the home of creativity, a strategic capability for our resilience, vitality, and long-term competitiveness. Creativity feeds curiosity and critical thinking. Technology brings efficiency. Creativity brings meaning. When mobilized collectively, creativity becomes transformative. It is how we invent new ways forward. We see a future powered by desirability and meaningful consumer connections. It is a purposeful and enduring growth. The next chapter of Puig starts now, and we are ready to shape it together. Thank you for your attention. We will now begin Q&A. For the next 25 minutes, we will take questions from the audience. Just a couple of housekeeping points. If possible, could you keep your hand raised and we will come to you? Announce your name and your institution before asking the question just so that everyone can know who you are. Lastly, I will request that you keep it to one question so that we can get through as many of you as possible. With that, we get started. Aron Adamski. Thank you very much. Aron Adamski from Goldman Sachs. I guess I just wanted to dig in a little bit deeper into the EUR 80 million of savings or improvement from the initiatives you are doing. It sounds like a lot of the margin improvement is being front-loaded over the next three years, so I was keen to hear your thoughts about the trajectory of the EUR 80 million. If you can give us any color on how we can expect it to be phased over the next three years. Thank you. Thank you, Aron, for your question. As we say, with the opportunities for EUR 80 million, we plan to leverage on our existing organization as we were discussing, and Miquel Angel also covered what we are working on an efficient platform for profitable growth. We see opportunities in procurement. We see opportunities in improving how we are organized through AI. We see opportunity in gross margin. We are working on those different opportunities, but we plan to leverage on our existing organization. Perhaps, Miquel Angel, you want to go deeper into that? Yes. To complement on that, the key driver of the EUR 80 million will be obtained through the decoupling, both the growth of structures versus the growth of top line. As we integrate ISDIN, there is going to be generating a much more complementarity footprint to scale our Uriage brands in Latin America and Spain. Vice versa, when it comes to ISDIN brand in the markets where Uriage is very strong, such as France. That is one of the key drivers for that. In terms of the calendar, where to expect this EUR 80 million over the first 3 years, you have to understand, during the first year, there is going to be a period of exploratory understanding of the reality with ISDIN. While we have been already accelerating and adjusting with the entry of Charlotte Tilbury and Derma into the current platforms of Puig. For that, I would say that over the next 3 years, there will be a higher weight over the second two. On that front. Thank you. Thank you. Céline Pannuti, JP Morgan. I want to come back on the top line guidance, the EUR 8 billion+, which including this, I think on average is, I think 6%+ organic growth. If they are saving on that or we expect because I think, yeah, probably you were mentioning that this year you expect the market to be at a bottom end of 4%-5%. My question is, on underpinning this guidance, I think one is the 4%-5% market growth. Can you explain what your assumptions are for the different categories? And B, you gave, thank you so much, so many details on the building block, but maybe to put it simply, how much of that growth beyond the market is due to ramping up distribution versus market share gains? Okay. I will try to take the first question about how we see the building block of this 4%-5% by categories. We see a normalization of the growth. We see, as you were saying, Céline, 2025 and 2026 were reset years. We hope 2027 should be in the lower part of this 4%-5% and accelerate gradually over time. When we split, we try to show you building blocks by categories. If we take fragrances, we expect selective, what we call prestige fragrances, to growth around a 3.5%-4% growth over the next year, go back to historical growth rates. In niche, we see more optimistic. We see a high to mid single digit. We expect niche to reach roughly 20% of the total market, of the total selective fragrance market. In the case of makeup, we expect low to mid single digit growth. In the case of skincare, we see a soft, a more smoother high-end skincare. But we see Dermo-Cosmetics to reach growth around 6%-6.5% over the next years. As we said before, we expect EUR 50 billion in Dermo-Cosmetics market. We think these are two interesting categories. You were also questioning on how we plan to go there. Our growth is mainly organic. We expressed you or we showed you, we share our six white spaces. Those six white spaces, they are all about scaling what works profitably. For each one of them, we have to repeat which is the right combination of brands and markets that can bring biggest growth and biggest return. That's where our growth base is based. We see growth in volume, we see growth in the evolution of our mix, and discover how we see growth for the next six years. Thank you, Céline. Thank you. Thank you very much. It was very detailed and well thought, the presentation. I still have a doubt regarding return on capital employed reading from the free cash flow conversion that you aim until 2032. Could you please give us some insight into how you see it evolving since 2025 and what could be behind that in terms of CapEx to sales, sorry, inventories and so on, to have a sense of how this will play in case you make M&A during this period, that certainly will change potentially the return on capital employed. Thank you. You want to take that, Miguel Ángel? Yes, I can take that one. Thank you. With the CapEx, we have been quite detailed, giving you a bit of an understanding of how we see CapEx evolving. In this case, over the past few years, we have been in the 4% range over net revenues. Now, moving ahead over the coming years, we are going to continue to be between 4% and 5% levels. When it comes to the cash generation, the ratio we provided, which is to deliver over 50% of adjusted EBITDA levels in terms of free cash flow. In here, the hypothesis we have towards the end is that we are not going to be increasingly our working capital consumption. We are at good levels. We have margin to improve, and the margin to improve is going to be deployed over the coming years. As we have been integrating some of the brands, now we also leveraging the common platforms, the capacity to optimize inventory increases. But in the EUR 900 million, we expect to be already at a steady state from a working capital at some point. We do not expect an increase in capital consumption nor a significant cash generation coming in from working capital in the EUR 900 million figure we gave you for 2032. When it comes to the return on capital employed for future M&A alternatives, in this one, I think if you ask me, I think it will be better, no? To wait, no? Whenever that happens, and not to give you a much more detailed answer on what to expect in terms of return on capital employed. Yes. Good afternoon, Mariano Szachtman from Santander. Thanks for taking my question. My question is on fragrance margins. If you could give us some color on the expansion of margins until 2032. I understand that niche could be a big part of it, but just to understand, if niche is growing so fast, part of the niche improvement will go to prestige or try to understand the levers of the fragrance margins improvement. Thank you. Thank you, Mariano, for your question. First, if we start with niche, as we were saying before, the way we tend to scale niche, first of all, as we were saying before, we expect this high to mid-teens growth, and we expect to outperform this growth. We have huge opportunities in our case in wholesale, which is a much more profitable way of distribution. The way we have built up our niche brands, an important part of that is through our own stores on our e-commerce, and we have still a long way to run in wholesale. We were discussing about the U.S. U.S. is roughly 25% of the niche market, where all our competitors are in 500 wholesale doors, while we are only in 200 in the case of Byredo and roughly 100 in the case of Penhaligon's. We have huge opportunity to scale in wholesale, which it will be a more profitable evolution of our margin. Same thing in China, where with China, we have been very focused on retail, while we have huge opportunity in the digital platforms. We will see. Also, as we were saying before, we expect to increase 5 points in digital penetration, which is also more profitable than the brick-and-mortar channel. We see this improvement margins in both niche and in prestige. In the case of prestige, we will get into more capturing the feminine side, the 65% of this feminine total market. There is huge opportunity for higher volume and also for higher profitability as we go, once again, to the digital channel. Those battles or bets that we have chosen to scale what works, they are all profitable mindset. Is it on mute? No. Hi, Fernando Reed from Alantra. Thank you for taking my question. Just to follow up on the sales target. If I take the 2026 sales consensus, I think with only one quarter left can be a good proxy, and then add the ISDIN, a 10% growth in ISDIN for this year, as you said, that would give me around EUR 5.9 billion, EUR 6.0 billion sales. To get to the EUR 8 billion, that is a 5.0% organic growth, basically just the upper end of the global beauty market. My question is pretty simple. Based on all the growth drivers you have, you have been explaining around geographies and brands and distribution channels. Are you just being prudent or is there anything else I could be missing? Thank you. We are being reasonable, I would say. We have saw how the market is evolving, which is our perspective of growth and how we expect the market to react. As a consequence, it is the war we have planned. It is an organical plan, is very focused on very specific battles that we have chosen at brand levels and at market levels. We think it is quite consistent. Perhaps you want to add more to that, but I think it is quite consistent, coherent, and in the line where we see growth. As you know, we have been the fastest growing company in beauty for the last 5 years. We will continue growing faster than the market. I do not know if you want to build on something, Miquel Angel, but Maybe the thing to add is not just growing faster than the market and growing, but increasing profitability. Maybe that is one of the key aspects that we want to reinforce, know that when we choose the right battle, going to be the battles that are also going to be supportive of the increase of the profitability. If you know, we have been targeting these 180 basis points, the 180 basis points, including not having already ISDIN in the portfolio by 2032. To reach the 22.5%, that will be maybe the piece to also bear in mind when analyzing the growth we are projecting here. Guillaume Belibault, Carmignac. My question relates to Mr. Puig's presentation, introduction and corporate governance. He said, if I am not mistaken, that the reason behind the listing of the company was to avoid complacency while retaining family control. I am curious to hear your views on how to reconcile that statement with the once contemplated merger with Estée Lauder, which would have significantly reduced the family shareholding below the majority threshold. Thank you very much. Hello. Okay. Yeah. Evidently, and we said that at the AGM, our intentions were not for sale. But when a company like Estée Lauder, whom we know very well, a family we respect, comes to you and says, "If we were to join forces, we would become the number one premium beauty company in the world." On paper, the strategy seemed very solid and powerful. We said, "Okay, let us study." And we said that we had looked at this opportunity with three dimensions. Economic considerations, looking at all shareholders Governance and economic, and business leadership. And evidently, after a few months and a lot of rumors in the market, we decided that we were not going to find that type of solution in two companies where both families have increased control through more voting power with the shares that the family controls. In that sense, I am not going to disclose here the things we are discussing, but basically, we were looking at not losing all control. Anyway, things did not pursue, and we are now here with a very appealing proposition. I hope that you all find exciting, we do. So we are looking forward to continue this amazing journey. We have a few more over there. Hi. Albert Olinde from IBM. Thanks for the presentation. A substantial portion of the growth seems to come from Asia Pacific, and I would guess that would require, I wanted to know what does that require from your side? Do you need to invest a lot in product to adapt to the tastes of the Asian market? Do you need to invest a lot in own or third-party distribution channels? Because I do not know whether that is included or contemplated as a potential margin dilution factor, and you just have other things that more than compensate that. How do you think about the investments that you need to do to properly develop the Asian market? Thank you. Thank you for your question. First of all, this Asia expansion requires two things, focus and discipline. Those are the two most important things. That is what we have decided, it is split in two. Northeast Asia, we will focus only on niche brands and travel retail. Southeast Asia, India and Oceania, we will focus on prestige fragrance, more enterprise and in Derma. In this sense, what we have done inside this strategy, we have to repeat those brands in those markets that have more potential to grow with bigger returns. The expansion will be profitably driven from day one. We are limiting our opportunities, but we do not want to chase growth for the sake of chasing growth, so we are very disciplined in the way we will proceed. If I tell you, for example, examples like Byredo, which is today top 6 in China, top 7 in Japan, and top 2 in Korea, we will remain in those markets, scaling what is worth profitably. This growth in Asia, is not going to be at a cost of our margins, it is going to be profitable. What we have done, as I was saying before, the last five years, we were very focused on North America because our percentage of penetration was quite lower versus our competitors. Now we are in the right moment. What we did during these five years was taking an eye on Asia. We created Puig subsidiaries in Japan and Korea. We also created our India subsidiaries in 2023, and we also have our subsidiaries in Singapore and Malaysia. We plan to only open three subsidiaries, which are Vietnam, Thailand and Indonesia. I think that Xavier will cover that after. We are very cautious about this growth. Without any doubt, it will contribute to our profitability. Good afternoon. Jie Zhang, Baader Europe. Thank you for your very insightful presentation. You put a lot of words on the potential of dermo-cosmetic, biology-linked innovation, et cetera. I want to know, how do you see the evolution of your R&D cost with that? First of all, thank you for your question. Very interesting question. I think that one of the opportunities that we are seeing before acquiring ISDIN, is the opportunity to maximize long-term value creation. R&D, without any doubt, is going to be very important part of that. With the know-how of Uriage, Apivita, with the know-how of skincare brands like we have Kama Ayurveda, and with the arrival of ISDIN, with its expertise in photoprotection and injectability, R&D is going to take a very important part of our future. We are not close this agreement. We expect to close ISDIN agreement by January 2027. It is too early to share with you which are our priorities for R&D. But without any doubt, what we want to focus in dermo-cosmetics, because we strongly believe in the scientific background of this segment. Thank you for your question. Do I see any hands on that side at all? Yes. Okay. Tom. Hi. Tom Randall, Jefferies. Thank you for taking my question. My question's on ISDIN, and we just want to understand, what were you not doing whilst you're not owning the asset 100%? Whilst it was a JV, what have you not been doing, and what are you going to be able to do now that you own 100% of the asset? Thank you. Okay. ISDIN was a joint venture between two families, the Puig family and the Esteve family, 50/50%. Both families have been very involved for the last 50 years. Our ambition, we acquired Uriage and Apivita. We created Puig Derma, so it was the right time now to really take the full ownership of ISDIN. As we were saying before, we see long-term value creation in the combination of ISDIN together with Apivita and with Uriage, and we thought it's the right momentum to do it now. We see huge opportunities in the dermo-cosmetic segment. It's going to be the highest sub-segment in skincare, and we want to jump into this opportunity and to create a huge pull for dermo-cosmetic inside of our group. Hope this answered your question. Thank you. Yeah. Thank you. Miguel Medina from Mediball. Just a follow-up question on ISDIN, a very short one. How did you arrive at the valuation? Was that a negotiation with the other shareholder, or there was some sort of pre-agreed formula between the two shareholders? I'm not going to comment on that. I'm sorry. Thank you for the question. Thank you. I had a second question. On makeup, I think you said that your competitors are in 15,000 doors, you're only in 5,000. Maybe, can you share how much of that gap do you expect to close by 2032? Do you see all of the 15,000 doors as suitable for Charlotte Tilbury? No. As I was saying before, when we decided all white spaces, we reached every peak, we checked the brands on the market, and at one speed we want to go. For sure, we not want to capture the full opportunity in the next five year. We go step by step. As I was saying before, Latin America, we started with Mexico last year with huge success. Next year, we launch Brazil, Chile, and Colombia. Thank you, Javier. In the case of travel retail, we can multiply by five the existing door that we have, and we will still be far away from where other prestige makeup brands are. I just put the example. For example, in Europe, in Boots, we are only in 30 doors while our competitors are in 250 plus door. Or the case of China, where we are only in 20 doors while our prestige makeup is in 150 plus door and beauty players in 300 plus doors. So the opportunity is huge, but we'll do it step by step, country by country, without losing the huge visibility and the profitability that today Charlotte Tilbury has in every single point of sale. So we'll be very disciplined, very focused. Once again, profitability is driven, and will take some time. Thank you. Thank you all for your questions. That's all the time that we have for this block of Q&A. Let's take a bit of a break, get a little bit of coffee. We'll be back in about 30 minutes at 3:45 P.M. local time, and then we'll resume with the brands and markets presentations. Thank you. Thank you. No need to go to work to hustle for my dollar. I'd rather be with you 'cause you make my heart sing. Hey, father, love is a gamble, and I'm so glad I am winning. You come a long way and every kiss is going to make them feel. Oh, my love. A thousand kisses from you is never too much. Never too much, never too much, never too much. And I just don't want to stop. Oh, my love. 'Cause baby, your kisses are way too much. Never too much, never too much, never too much. And I just don't want to stop. Oh, my love. 'Cause baby, your kisses are way too much. Never too much, never too much, never too much. And I just don't want to stop. Oh, my love. Never too much, never too much, never too much. Oh, my love. A thousand kisses from you is never too much. Never too much, never too much, never too much. I just don't want to stop. Oh, my love. 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I will give you visibility on how operations and technology enable our competitive advantage, and I will close giving visibility on how we plan to keep scaling our business with accelerated growth while driving efficiency. But let me start first with a video that will give you a first oversight on our platforms across markets and global functions. At Puig, our go-to-market is structured across three strategic sectors. In our biggest markets, where there is critical mass, we operate through our own subsidiaries. Today, we cover the world with subsidiaries in 33 countries, where Puig teams develop our brand portfolio, connect with consumers, and manage our trade relationships directly. In smaller markets, we partner with exclusive distributors. These third parties manage our brands under the close guidance of our regional teams across Europe, the Middle East, Asia, and the Americas. Today, Puig works with more than 220 exclusive distributors, true extensions of our organization. Many of these partnerships span decades, built on trust, performance, and shared ambition. Finally, we have our global travel retail team, fully devoted to winning in the travelers channel, airports, airlines, and cruise ships, a channel that is increasingly becoming a powerful platform for brand building and brand discovery. Our business is supported by a robust and fully integrated operations and technology backbone, anchored in cutting-edge science, strengthened by end-to-end capabilities, powered by advanced technology, guided by four principles: efficiency, agility, scalability, and reliability. This is how we grow faster. This is how we integrate and scale. This is how we turn strategy into performance. This is how Puig wins in every market. Let me start with organization. Puig's competitive advantage is a combination of a very strong brands portfolio and the ability to generate disruptive innovation in product development and storytelling with excellent execution everywhere within a unique culture in which people feel like family, are extremely results-oriented, and act with agility and speed, which is evolving from a divisional organization with limited synergies in growth and cost to an organization in which the different brand clusters fully benefit from the platforms and scale across global brand markets and global functions to accelerate profitable growth. We call it internally the Power of One. As you can see on the right-hand side, global brands are structured in four clusters: prestige and fashion brands, niche and wellness brands, Derma brands, and Charlotte Tilbury. Global markets are structured in four areas: EMEA, the Americas, Asia Pacific, and global travel retail. All of our brands, including Derma and Charlotte Tilbury, benefit from the structures we have around the globe to accelerate their growth. Leveraging global functions in the back at global and local level will also provide clear cost efficiencies. At market level, we do also reflect the different brand clusters to ensure a perfect connection between global brands at headquarters and brand teams in local markets. This allows us to operate different business models with specialized local markets focused teams fostering agility and speed while applying local market strategies to win. Another relevant point I would like to mention is our offices for accelerated growth, the consumer office and the growth office. Both focus on growth but from different angles. The consumer office focuses on growth from a consumer perspective. It supports brands and markets with consumer insight for growth with the intelligent engine that we saw before, Puig Prisma, provides advanced consumer activation playbooks and tools, drives the AI-enabled transformation in this domain, and manages our global agency and partners ecosystem. Its mission is to sharpen our competitive advantage across brands, markets, and functions to become the best at connecting, recruiting, and engaging consumers. If the consumer office applies a consumer lens, the growth office applies a rather commercial lens to growth. It provides insights and tools to accelerate profitable growth in areas like commercial development. Think of global pricing, revenue growth management, or channel management. It provides playbooks and tools for digital business acceleration, and here we have the team of global retail operations. They elevate Puig's commercial function, not only managing our wholesale business, but also in improving performance in own stores, driving like-for-like productivity. As a result of the strength of our teams, our operating model, and the transformation we are putting in place, we have been growing faster than the market in past years. As you can see on the right-hand side, in the first half of 2026, we keep gaining market share across all categories. Moving out now to our priorities in the markets. If I had to sum up our market priorities in one line, it would be this one: maintain our European and Latin American strongholds while accelerating in North America and Asia Pacific. Puig has a very strong position, as we have seen in EMEA and Latin America, which are true strongholds. But in recent years, we have also consolidated a strong position in North America. As you can see, Asia Pacific is the region with the strongest development opportunity. Starting with EMEA, our largest region. Here we aim at growing value market share in all three categories. EMEA grew by an impressive 16% CAGR in recent years, and we gained ranks in all segments, from being number six to number four in prestige fragrances, becoming the fourth largest beauty company in the region. Going forward, we aim at becoming number two fragrance player in the region. We want to be the number one makeup brand wherever Charlotte Tilbury is present, and we will strengthen our number three position in Dermo-Cosmetics, and we will do so by leveraging an intense newness calendar in prestige. We will continue accelerating niche fragrances. We plan to expand Charlotte Tilbury and Derma, which are currently only in a fraction of distribution compared to peers and not even present in several key markets. Importantly, we will accelerate in digital, where we still have an opportunity to grow faster than the market, reinforcing our joint business plans with omni-channel players. Moving to Latin America, here we want to expand our stronghold, leveraging our number one fragrance position. In Latin America, we are number one in fragrances, we are the number two prestige beauty player, and Carolina Herrera is the number one brand in this part of the world. Going forward, we plan to keep boosting our prestige powerhouses, Carolina Herrera, Rabanne, and Gaultier, with a special focus on building also the makeup of Carolina Herrera. We will lead the niche opportunity, which is growing at high double digits in this part of the world, with a special focus on Brazil and Mexico, and we will accelerate the expansion of Charlotte Tilbury, which beyond Mexico, after its successful launch in this country. We are planning to scale up Derma across key markets, leveraging the platforms of the group. In North America, we want to double down to gain scale. In North America, we achieved an impressive 24% CAGR, moving from being number six to the number four beauty player in the past four years. With a solid fourth position in fragrances, and Charlotte Tilbury being number three in makeup. Going forward, we will double down on the region, strengthening our prestige fragrance brands with high ambitions for Carolina Herrera. We will keep accelerating niche through Byredo and Penhaligon's, which currently, as we heard from Jose Manuel, are in very limited distribution compared to peers, and we will reinforce the penetration of Charlotte Tilbury, playing always for the number one position, expanding into new categories. We will double down on digital, where after the successful launch of Charlotte Tilbury on Amazon, we are introducing our prestige fragrance brands. We will do so while maximizing our collaboration with omni-channel partners, and we are already starting to explore TikTok Shop with lifestyle brands. Moving to Asia Pacific, here we will scale with a focused and tailored sub-regional strategy. Asia has been the region undergoing the strongest development for Puig. We grew by 21% CAGR, and recently we strengthened our go-to-market structure through subsidiaries in Australia, in South Korea, in Japan, and in India. Going forward, we will continue growing at high double digits by accelerating niche and Charlotte Tilbury in Northeast Asia, and by building prestige and Derma strongholds in Southeast Asia, India, and Oceania. We also plan to establish new subsidiaries in Indonesia and in Vietnam. Moving now from geographies to channels. Let me share with you our multi-channel strategies to develop our brands and to conquer the white spaces mentioned by José Manuel before. In terms of weight by channels, wholesale represents 88% of our business, and direct-to-consumer 12%. Digital channels represent 27% of our business, and as you heard, they are growing fast. I would like to share with you three examples of our specialized channel strategy, which is connected to the white spaces mentioned before. The first one is travel retail. Travel retail is a clear stronghold for fragrances, and here we see an opportunity to fast-track Charlotte Tilbury, and in the future, also Dermo-Cosmetics. Over the past five years, Puig has been the fastest-growing company in travel retail. We gain share year after year, and we became the number three global player in fragrances in 2025. Yet, there is still strong room for growth as Puig remains underpenetrated versus the market. Travel retail represents 16% for the market, but only 10% of Puig sales by channel. Charlotte Tilbury is mainly present in travel retail EMEA, and niche brands are just beginning their journey in this channel. Another example of specialized channel strategy is the relevance of pharmacies and medical visitors to accelerate our Derma brands. With our clustered go-to-market approach in the markets, we ensure that we capture synergies in go-to-market, but we do also invest in dedicated medical forces whenever necessary to build our Derma brands. The third example is related to online channels. Online will continue to be the fastest-growing channel in the market, and Puig is accelerating. Puig has achieved strong growth online, but remains underpenetrated. Digital is a key vector of growth in the three years plan, and we will accelerate through a multi-tier strategy. First and foremost, by strengthening our omni-channel partners and pure players, but also by pursuing a selective and regional entry into marketplaces. We are exploring social commerce, and we will keep accelerating our own D2C for revenue and first-party consumer data. With this, we close our go-to-market chapter. I hope that you have a better idea on how we operate and which are our priorities by region and by channel in order to keep growing faster than competition. As stated, we will strengthen our position as the fourth-largest player in premium beauty. We want to become the second-largest player in fragrances by 2032. We ambition to be the strongest makeup brand wherever Charlotte Tilbury is present. As stated, we want to leverage the group platforms to accelerate Dermo-Cosmetics, where beyond being the third largest player in Europe, we want to turn these brands into true global realities. Let us move now to operations and technology. Let us see how operations is empowering scalable growth. Puig operates six factories, seven R&D centers, and 47 distribution centers worldwide. Puig Operations is structured around two core processes, the new product development process that ensures that products, point-of-sale materials, and digital assets are delivered on time and on budget, and the sales and operations planning process that leverages forecast accuracy to ensure strong service levels with minimal working capital. ESG is fully embedded in the way we operate. We consider our operations to be a competitive advantage. First, if you think about disruptive innovation, Puig is recognized for being able to industrialize projects that seem impossible. This team never gives a no for an answer. It always starts with a why not? This is not only in areas like packaging, where Puig is recognized to be best in class, but also in R&D, where our brands and R&D teams have developed unique formulas. The team is also gross margin obsessed, and we have developed special processes to optimize cost of good ratios. We have a modern and scalable infrastructure. Puig is well invested, both in manufacturing as well as in logistics, where we partner with the best 3PL companies in the world. We anticipate business needs with what we call visioning exercises to ensure that we respond to growth needs with the lowest CapEx requirements. Our supply is flexible and resilient. First, because having our own factories allows us to adjust production planning in very short times and gives us a cost advantage, but also because we use third-party manufacturers to respond to spikes whenever needed to optimize capacity. Our supply is also resilient since we apply a system to be able to produce the same SKU in different factories by having all factories applying the same processes, and we double and triple sourcing from different suppliers. Lastly, we are obsessed with looking for efficiencies. We have been leveraging AI from advanced analytics to now agentic to optimize our processes end-to-end in areas like demand forecasting, customer service, or order to cash. Also in manufacturing, we are applying AI to improve planning and predictive maintenance. Let us go now to technology. Puig has a fully integrated technology infrastructure, which is a key enabler. Puig has a robust, fully integrated technological architecture, which is a clear advantage if you think of data management, AI, or cybersecurity. Our core processes run on SAP, and on them, we run all back-office processes end-to-end around the globe. It is fully integrated. Our consumer technology platform is also fully integrated and modular with a Lego approach. The consumer platform allows us to have all consumer touch points online and offline connected, gathering consumer data in single global databases that we can then exploit in an efficient and targeted manner across all levers, be it media, CRM, or clienteling. AI is sharpening Puig competitive advantage. As we saw from José Manuel before, Puig AI strategy is being deployed in three layers. From the bottom, we start with AI for our people. That helps boosting productivity by upskilling our teams in the use of AI with the Puig AI Academy. In the middle, we have AI for productivity, which is embedded in existing processes, aiming at being more efficient and faster, decoupling growth from our cost evolution. At the top, we have our five big bets AI for transformation, aiming to accelerate growth and profitability, transforming radically the way we operate. Let me go a little bit more in detail, starting with the Puig AI Academy. Here we have trained already 9,000 people across our teams, not only in the generic use of tools to supercharge the workday, but also in specialized programs like the advanced programs for brands in creative areas or the specialized programs that are helping us to do some of the transformations mentioned before. Going to the middle, our AI for efficiency programs. Those have been running for years and respond to our obsession on operating excellence and efficiency. Here we have some examples of the over 60 initiatives we have in place. For instance, the use of a legal AI platform that enables our legal teams to be much more efficient, or in R&D, where we use AI models to evaluate formulation alternatives, reducing lead times between 20% and 40% and formula iterations by 30%, or in content management, our PIM and DAM, where we have thousands of content adaptations, and we have reduced lead times from 4 days in the past to 3 minutes currently. To give you a sense of how AI has impacted the areas where we have implemented it, mostly in back office, it has allowed us to reduce or to free up time from our teams in the range of 10%-20%. This has helped us decoupling growth from cost in these areas. Lastly, AI for transformation, by which we are transforming some of the core processes of Puig, sharpening our competitive advantage. Here we have chosen five bets. The first one is a basic enabler, is the creation of Puig Prisma. That's an intelligence engine where we are connecting multiple data sources with the aim to provide insight and foresight to our teams in different areas of the company. This is completely elevating and scaling the connected intelligence of Puig. Then we have four other areas. The number two is linked to disruptive innovation and brand strategy. This is about combining Puig's unique ability to disrupt with a much stronger intelligence and early trend signals. The two in the middle are linked to A&P optimization. One through hyper-precise activation, and the other one through content optimization, and both aim at improving our return on advertising spend. Lastly, our revenue growth management AI suite to make sharper and faster commercial decisions on pricing, commercial conditions, and trade and shopper spend. All this is being developed with proprietary solutions adapted to Puig and each brand's specific reality with a clear ROI mindset. But let me reiterate what Jose Manuel said at the beginning. We are people-centric. This AI transformation will reinforce Puig as a home of Love Brands, amplifying its bold instincts at greater speed and at scale. Let me move now to the last part of my presentation, and this is about our ability to transform, to integrate, and become more efficient. Our common operating model and fully integrated back office have enabled a structured integration of new businesses and the establishment of new subsidiaries efficiently. As you can see in this timeline, over the past years, we have integrated new brands into our organization. At the same time, we also set up new subsidiaries driving greater control of our business. With the support of our transformation office, this has been done in a very efficient manner. We plan to continue doing so in the years to come. This brings me to our rigorous approach to capture efficiencies across the group. This is about three things José Manuel was mentioning before: a focused portfolio management approach, scaling what works profitably, capturing synergies, and driving cost efficiencies. Let me cover the last two points and how they should help us meet our EBITDA margin objectives. On capturing synergies, we are evolving, as we said, from divisions to an integrated group, leveraging one group back office and one group subsidiaries, which will generate clear efficiencies. We are progressively integrating acquired brands, simplifying our structures. For instance, we have completed the integration of the back office of our Derma brands, and we are currently implementing Puig SAP at Charlotte Tilbury Beauty. We are leveraging as well our scale and muscle in market platforms, joining forces also in key negotiations. On capturing cost efficiencies, we are buying as one group. We have over 90 procurement initiatives across seven categories that will have a significant impact across lines of the P&L. We are working as well on a project called One Logistics, by which we want to optimize our logistic footprint across the globe. We are already seeing the impact of transformational initiatives leveraging agentic AI that we want to scale across all brands and markets going forward, generating a great impact on growth and efficiency. The combination of leveraging the synergies and efficiencies I just mentioned should help us capture EUR 80 million in the next three years that will help us meet the objectives of being over 22.5% EBITDA margin by 2032. I would like to conclude coming back to what I said at the beginning. Puig's strength truly lies in its people and in its culture, which is deeply rooted in a 112-year-old company. Trust, entrepreneurship, speed, results orientation, and fair play are some of the traits that people use to describe us. I would also add outstanding talent and adaptability, which are essential ingredients to face whatever the future brings. Thank you for attention, and I leave you now with Ana Trias. Good afternoon. My name is Ana Trias, and I am the President of Prestige and Fashion Brands. Today, I would like to build on the Vision 2032 that Jose Manuel just shared and bring it to life for Prestige Fragrances, where our priority is very clear. We want to double down profitably on our core brands, or our mantra for today, to scale what works profitably. There are three key messages I would like you to take today. First, the fragrance category has structurally changed, and we believe it has emerged stronger as a result. Second, Puig has built a distinctive model in Prestige Fragrances, one that has enabled us to consistently outperform the market over the past decade. Third, despite this strong track record, we still have significant headroom to grow in Prestige. Let me start first with the market. A few years ago, we thought the social boom would favor visual categories like makeup, but not fragrances. Consumers proved us wrong. Fragrance has become one of the most visible and engaging categories on social. Today, consumers' relationship with fragrances has fundamentally changed. First, the audience is getting broader. We see a younger consumer entering earlier, engaging with fragrance at a very early age. We also see older consumers are staying engaged for longer. Second, consumers are far more knowledgeable. There is a huge appetite to understand better this category. They talk about ingredients, concentrations, creations. Most importantly, consumers are moving from one fragrance to a fragrance repertoire. This is the fragrance wardrobe Jose Manuel referred to. Fragrance has become a form of self-expression, where consumers mix, layer, and collect different juices. We also see them mixing high and low, from prestige to niche, choosing different fragrances for different moods or occasions, from more affordable to very expensive choices. Self-purchase has become increasingly important, and with this we see a consumer shift towards novelty and innovation. Innovation has become key. Growth is therefore not only about recruiting new consumers, but also about deepening engagement with the existing ones. This fundamentally expands the opportunity for the category and makes the fragrance market structurally different from the market of 10 years ago. Fragrance grew 3%-4% per annum before COVID. In 2021, we saw a rebound, and then the market accelerated exceptionally from 2022 to 2024 and stabilized in the 4% or 5% range in 2025. Growth normalized, but the correction that many expected has not materialized. The category has grown and has remained resilient. If we look at prestige, it remains the heart of the category. It represents 85% of the selective fragrance market. Within prestige, growth has normalized to 3%, while niche is growing faster, as Thomas will show you later. Through a period where the prestige market grew 8%, Puig outgrew at 12%. Our prestige fragrance market share has increased, as Jose Manuel told you, from 8.9% to 11.1% in four years, with a further 0.3 points gain in the first half of 2026. We have benefited from an attractive category, for sure, but our performance is not simply a category story. It is also a Puig story, and the foundation of our ambition to become a top two fragrance player by 2032. The result is here. Year to date, June 2026, Carolina Herrera is number five worldwide, Rabanne is number six, and Jean Paul Gaultier is number nine. We have three Puig Brands in the global prestige top 10. This achievement is not the result of one brand or one launch or just one exceptional year. It demonstrates the strength and repeatability of our model, which did not have any brand in the top 10 20 years ago. We entered this category as a challenger, and this forced us to think different, to be creative, to be disruptive, to move fast, and to challenge conventions. Over time, we turned this challenger mindset into a distinctive competitive model. Let me tell you what is behind that model. First of all, we are fragrance makers since 1914. Fragrance is at the heart of who we are. Second, we own our Love Brands. This gives us creative freedom, long-term control, and agility. Third, we operate what we call One Brand Vision, fashion and beauty under one brand strategy, one coherent vision powered by one brand teams. The result is distinctive, which is the only group with three own prestige brands in the global top 10. Carolina Herrera, Rabanne, and Jean Paul Gaultier are three different brands. Each has their own DNA, their own voice, their own communities and cultural space. Our model is to make each of them even more distinctive. In our one brand ecosystems, fashion and beauty reinforce each other, creating bigger and more memorable events. We do not simply launch a product. We build coherent brand ecosystems across consumers. Perhaps the strongest proof of our model is our ability to build icons or blockbusters, and blockbusters that endure. Each born from a bold, disruptive, creative idea. Le Male was launched in 1995. Thirty years later, it is the number two masculine fragrance worldwide. Good Girl, launched in 2016. Ten years later, it is also number two, this time in feminine. 1 Million disrupted the category in 2008 and remains a top nine masculine line. Invictus, launched in 2013, is a top 11 masculine line. This is particularly important in a category that is driven by innovation. At Puig, we do not innovate to replace our icons. We innovate to make our icons stronger. We bring novelty and innovation in existing icons, making them stronger year after year. After 10 years building Good Girl, last year, we launched La Bomba, a top 18 already. Jean Paul Gaultier is now launching La Favorite with the ambition to make it a future feminine icon. Our model combines two capabilities, the discipline to sustain the icons we have and the creativity to create new icons where we identify gaps. Puig has demonstrated during the last decade a strong ability to repeatedly turn disruptive innovations into enduring global icons. We are doing it again now with La Bomba, which gives us confidence that this is a repeatable playbook that we know well. How do we do this? We do it by engaging with the consumer in multiple touchpoints, meeting them where they are. First, our point of sales, where we enchant and surprise consumers. Also in streets through major activations, inviting consumers to be part of our worlds. Putting communities at the heart of our strategy with activities that are highly engaging and that resonate culturally with them. Through unmissable events where we celebrate the whole brand along our icons, creating experiences that our communities want to participate in, talk about, and share. Our brands create cultural moments that go viral. Today, our three brands are within the top five most visible prestige fragrance brands in earned views on TikTok. Jean Paul Gaultier is number one, Carolina Herrera is number two, and Rabanne is number five. In addition, all our icons are also among the highest in earned views on TikTok too. We have three in the masculines with Le Male being number one, 1 Million being number four, and Invictus being number seven. Also in feminines, Good Girl is number three, La Bomba number four in earned views on TikTok. Let me show you why we still have so much room to grow. Because having three brands in the global top 10 does not mean our opportunity is exhausted. It is precisely the opposite. Our ambition is to double down profitably on what we do best and keep gaining share in prestige. We see clear white spaces in prestige across portfolio, geography, and channels. Jose Manuel presented six white spaces for Puig. Three sits at the heart of our business, feminine fragrances, APAC, and digital. Let's look first, gender. One of the clearest pockets of growth for prestige is feminine fragrances. The opportunity is important. Feminine represents 65% of the market. It is only 45% for Puig. This gap is our opportunity. Rabanne and Jean Paul Gaultier lead with masculine, making Puig lead too, while Carolina Herrera is the only one leading in feminine. When we look at the world's largest prestige brands, there is an important lesson. The most successful brands tend to win across both genders. All our brands can win across both genders too. Good Girl and La Bomba show that we have credentials to close the feminine gap in other brands, too. The opportunity is clear. We need to strengthen our existing icons while expanding each brand into new icons in other genders. La Favorite in Gaultier is the first of the three feminine blockbusters in our pipeline for the coming years. A new feminine at Rabanne will be the second one, and you will hear from Katia later about the Charlotte Tilbury opportunity. We also have opportunities to launch a strong worldwide masculine icon at Carolina Herrera. Second, expand the repertoire beyond the core of prestige. This connects directly to the consumer transformation I described earlier. At one end, smaller formats, accessible entry points, lower concentrations allow us to recruit new consumers and to create new occasions. Second, our private collections allow consumers to trade up and premiumize. The prestige consumer is ready today to pay higher prices. Third, geography. We have grown strongly in the U.S., but it still remains a significant opportunity. We see major potential with retailers such as Amazon, Sephora, or Ulta. APAC is our second opportunity, particularly Southeast Asia, India, and Oceania, where low penetration, rising disposable income, and growing digital worldwide influence can attract more consumers into prestige. Travel retail remains a powerful global showcase for all our brands. We already have 13% share, but see opportunities. At the same time, we will continue fortifying Latin America and consolidating our strong position in Europe, where we can still grow in the feminine market. Finally, channels. Puig fragrance has 24% digital penetration versus 30% for the beauty market. That gap is opportunity. Digital is not only another sales channel. It is not only where consumers buy. Digital is where they discover, they learn, they share, where communities are built. That is why increasing our digital penetration can drive both commercial growth but also brand desirability. Our challenger mindset continues to make Puig a valued partner for retailers. We bring them creativity and distinctive brand experience, both in store and online. Let me leave you with this. We believe prestige fragrance is structurally stronger than it was a decade ago. Consumers enter younger and live later. They increasingly buy for themselves. They build wardrobes. They explore new formats. They premiumize, there are still significant penetration opportunities ahead. Puig enters the next chapter from a position of strength with three own prestige Love Brands in the global top 10, with enduring icons that we have built over time, and powerful innovation for the future to shape the icons of tomorrow. A unique One Brand Vision model executed with business discipline and meaningful white spaces across gender, price points, geographies, and channels. The category has changed. Puig has helped shape the change, and we believe we are very well-positioned to capture what comes next. Now, let me show you how we did it and how we will keep on doing it brand by brand. First, Carolina Herrera. Carolina Herrera is our largest brand today, a billion-euro powerhouse built around a very distinctive spirit. We call it alegría de vivir. A true multi-category house with fashion, fragrance, and makeup. Fashion is our North Star. Led by Wes Gordon, it shapes Carolina's creativity, relevance, and brand codes that we amplify across the entire brand. Fragrance is the core growth engine. We are a true feminine fragrance powerhouse. Makeup is our biggest opportunity. The transformation of Herrera has been remarkable. Over the last 10 years, we have multiplied the business by three, and we keep growing with the arrival of La Bomba. Today, Carolina is the number five fragrance brand worldwide in prestige, gaining one position to last year. The only brand in Puig that is a strong leader in feminine, where we are number four. Here we gained two positions versus last year, proving that Puig knows how to do feminine blockbusters. Good Girl shows exactly how we build feminine icons over time. It shook the market in 2016, breaking conventions with its bold scent and the stiletto design. Today, it is number two worldwide. In 10 years, we have multiplied its net revenues by eight. This is what we mean when we talk about building desirability over time. La Bomba launched a year ago and was already top 18 at the end of June. We have one established icon, one established global icon, and one with the ambition to become a second global icon. That is central to our roadmap to 2032. Let me take you to the building blocks of our growth. Number one, broaden the fragrance portfolio. Number two, accelerate markets and channels. Number three, the most strategic one, develop makeup as a meaningful second axis for the brand. In feminine, our ambition is clear, two fragrances in the global top 10. At the same time, we will conquer the masculine segment, building a new iconic worldwide masculine blockbuster alongside our regional Bad Boy at the top 20 ranking. Geographically, Carolina can still accelerate in Europe, maximize the U.S., and conquer the opportunity in Southeast Asia, Oceania, and India, while accelerating digital across markets as we have seen before. Finally, makeup, our most significant opportunity. We are developing a true second axis for Carolina Herrera. First of all, we are leveraging the institutional know-how we have with Charlotte Tilbury. We have recently reinforced our teams, bringing talent from Charlotte, and we are focusing on key markets where we are growing year after year. Carolina Herrera's story is already one of exceptional transformation, but we believe that there is much more to come in Carolina Herrera. Now let's move to Rabanne, a completely different brand universe. Rabanne is our house of fantasies, excessive, disruptive, unapologetical, built with fashion and fragrances. Fashion is entering a new creative era, taking the extraordinary legacy of Paco Rabanne, making it relevant to new communities. With the arrival of Olivier Rousteing, we want to take the legacy of Paco Rabanne to new generations. Fragrance is our foundation. Today, Rabanne is a masculine powerhouse. In 10 years, Rabanne has multiplied its net revenues by 2. After an exceptional period of acceleration, the brand has been stabilizing since 2025 at a much higher base. Today, Rabanne is the number 6 fragrance brand worldwide. Rabanne remains number 4 masculine fragrance brand. With something very valuable behind this top position, we have two enduring masculine icons established in top rankings. 1 Million at number 9 and Invictus at number 11. 1 Million disrupted the market in 2008 with a bold, provocative concept, an iconic gold bar design unlike anything seen before, becoming an instant icon and remaining culturally relevant ever since. In 2026, we have just launched a new range, 1 Million Black, reintroducing 1 Million to young consumers that were not born when it all started. We are already seeing strong first results. That is our model in action again, renew the icon while reinforcing its core. Looking ahead to 2032, the growth roadmap is clear. Number one, broaden the fragrance portfolio, particularly into feminine this time. Number two, accelerate in markets and channels. Number three, accelerate in digital. In masculine, our ambition is to have three masculines within the global top 20. This means we need to protect our enduring icons while adding a new one, because we believe that if there is a brand that can be strong in masculines, that is Rabanne. Most certainly, our largest portfolio white space is feminine, where we have some regional leaders such as Million for Her or Fame, but our ambition is to go further. We will create a new feminine franchise capable of becoming a strong icon such as Good Girl is. Geographically for Rabanne, we will maximize the U.S., expanding Southeast Asia and India, and conquer further opportunity in travel retail while consolidating Europe and Latin America, and we will accelerate on digital. For Rabanne the opportunity is clear. Protect and renew the extraordinary masculine strength while unlocking the other half of the market in feminine. Jean Paul Gaultier, our irreverent grande maison, built on creativity, freedom, and celebrating differences. A maison with passion and fragrances. Fashion is our creative laboratory. Today, L'enfant terrible is back. Duran Lantink embodies this provocateur mindset that Jean Paul Gaultier himself had. Fragrance is the growth driver. Jean Paul Gaultier has become one of the industry's great masculine disruptors. Puig acquired Jean Paul Gaultier in 2011, and we took over the fragrance business in 2016. The growth trajectory has been extraordinary. In 10 years, we have multiplied the business by six. Today, Jean Paul Gaultier is the number nine fragrance brand worldwide, coming from 17, as you have seen, and even more strongly, number seven in masculine prestige fragrances worldwide. At the center of that success is one of the best examples of what I described earlier, the revival of an icon, Le Male. Over the last 10 years, the business has multiplied by five. Le Male Elixir turned viral momentum into lasting appeal, attracting a new generation of consumers to the brand. But remember, Le Male is a 30-year-old icon. The original icon has continuously reinvented itself, expanding its appeal across generations, from the timeless Le Male to Le Male Elixir, winning over a younger generation, and Le Beau, attracting a broader, more diverse consumer. Now we move into the next chapter. Our 2032 roadmap combines, as for the other brands, portfolio expansion, both in masculine, but mainly in feminine, with geographic and digital acceleration. In masculine, we intend to reinforce our leadership, keeping Le Male at number two and adding a new icon at top 15. But feminine is perhaps the most exciting new territory. In addition to Divine, with La Favorite, we are setting out to create a new feminine worldwide icon, a franchise we intend to build over time. The first reactions to the juice and the bottle are very positive. The start is strong. Geographically, there is still significant white space. We will accelerate in the U.S., where there is still room to grow, even for Le Male. We will conquer further opportunities in Southeast Asia, India, and Oceania, and also in travel retail. We will accelerate our e-business. So even after multiplying the business by six in the last 10 years, we see substantial runway still ahead. So stepping back, what have we achieved? We have firmly established three Puig brands in the global top 10, three very different brands, and three proven global growth stories with very strong icons. The message I really want you to leave with is, we still have big growth opportunities ahead. Across these three brands, the pattern is remarkably consistent. We can broaden our portfolios, especially in the female arena. We can expand into under-penetrated markets. We can accelerate digital, engaging strongly with the consumers, and we will continue to premiumize and deepen engagement with the consumer. We have proven that we can create icons. We have proven that we can make them endure. Now our opportunity is to do it again at an even greater scale. Thank you so much, and I will hand it down to Thomas James. Thank you. Hello, everyone. I am Thomas James, President of Niche and Wellness Brands. Let me start with a simple conviction, niche is no longer a niche. Built around collection of fragrances that consumers explore and make their own, what started as a small segment has become the most dynamic engine of value creation in the category. You have just heard Ana explain how Puig has built three global powerhouses in prestige, a category that we have known and mastered for decades. Niche is a different story. It is a much younger segment with a different business model and a different growth dynamic. Today, rather than taking you through a brand-by-brand presentation, I would like to show you how we have built a model to capture this momentum in a disciplined and scalable way. I will cover three things: why niche is structurally attractive, the Puig recipe behind our performance, and our clear path to continued leadership through 2032. Niche is driven by powerful structural shifts that both Jose Manuel and Ana have explained. Consumers looking for uniqueness, building a fragrance wardrobe, and moving beyond traditional segmentation. It is global, with high gross margin, and strong D2C. It works. Since 2022, niche has been the fastest-growing segment in selective fragrance and accounts today for 15% of the market. At Puig, we did not wait for niche to become obvious. We embraced the segment early and built our own point of view with distinctive brands and strong storytelling. Most niche brands are built around ingredients. Our brands are built around stories. Baccarat Rouge 540, The Tragedy of Lord George, Le Male, So Irresistible. This is not product description, this is emotional connection. Each brand has a clear and complementary positioning, no overlap, strong complementarity, clear territories. We did not just ride the niche wave, we outperformed it. Since 2022, our portfolio has consistently delivered double-digit growth well ahead of the segment. What makes the Puig formula different? Today, we will discover the Puig secret sauce through our two leading niche brands, Byredo and Penhaligon's. On one hand, we have a creative engine pushing creativity and differentiation, and on the other, a disciplined collection strategy highly necessary to scale. First, the creative approach, because in niche, differentiation is everything. Byredo was built as a cultural platform, turning memories and emotion into fragrances, design, and culture. Its mission is to give a voice to the unorthodox creative shaping tomorrow identity. Byredo is culture. Penhaligon's takes 155 years of Britishness heritage and radicalizes it through wit, eccentricity, and irreverence. Its ambition is simple: to be the most storytelling fragrance brand on the market. A bold creative approach to stand out, and a strategy collection approach to scale. Across a broad fragrance library, we have five heroes that drive the majority of our business. Different olfactive profile, different regional strengths, but one role: recruit and retain. Here for Byredo, and here for Penhaligon's. These five heroes are not just bestseller. They are our recruitment engines and our loyalty anchors. Our mission, therefore, is simple: make them easy to spot, easy to love, and easy to gift through dominant merchandising, always on communication and sampling, and commercial animation. The recipe works. What is next? The tailwind remains strong. Niche is expected to reach close to 20% of the selective fragrance market by 2032, and our ambition is simple: to continue to grow twice as fast as the market and to reach EUR 1 billion by 2032. That growth comes from two engines, more productivity from the footprint we already have and selective expansion. Almost a quarter of our growth will come from like-for-like alone, and we have three very clear levers. Awareness, to expand our audience and recruit. Experience to convert and build loyalty, and innovation to continuously create new reason to buy and come back. Recruit, convert, and renew. Penhaligon's has 33% awareness in the U.K. versus only 13% in the U.S. That's not a brand weakness. That's white space. And we have a very powerful weapon to unlock it, storytelling. Penhaligon's has always told story. The best example for this is Portraits that turns 10 years this year. I have a particular affection for it because I was there at the very beginning, and the idea was simple: a fictional yet dysfunctional family. I think we can all relate to that, but beyond the humor was a serious insight. Family archetype are universal. While the category was selling ingredients in minimalist bottle, we created a saga. We bottled the story and crowned every fragrance with an animal head. It changed the trajectory of the brand. It opened the door to Middle East and APAC, and represent today 45% of sales. Storytelling didn't just build image, it built scale. Byredo is the mirror image, almost 50% awareness in Korea versus only 15% in Europe. Again, not a relevance issue, a reach issue. Our weapon here is culture. When we say that Byredo is culture, it's not a slogan. It's how the brand behaves. Take Alto Astral. We went to Brazil not to export the Scandinavian aesthetics, but to celebrate Brazilian culture on its own term. Brazilian artist, photographer, energy. We don't appropriate culture, we collaborate with it. That's how a love brand becomes a cult brand. Storytelling makes Penhaligon's louder. Culture makes Byredo louder. Retail make them both tangible. What sets us apart is that around 50% of our sales are direct-to-consumer. This is not simply distribution, this is strategic control. We operate 90 Byredo stores and 83 Penhaligon's stores worldwide across all major region. Strategic control of our distribution, yes, but we also control the moment when someone actually meets the brand, what they see, what they touch, what they smell, the conversation they have, the time they spend. At Byredo, retail is a dialogue between cultures. Each stores build a bridge between our Scandinavian roots, our global identity, and local craftsmanship. I was in Stockholm recently with the Byredo internal studio, and we spent an almost unreasonable amount of time discussing material, furniture, tiny details in the store. It may sound obsessive, but when half of your business is D2C, those details are the brand. Penhaligon's stores are immersive Victorian houses. In London on Regent Street, we celebrated British craftsmanship, even down to flooring techniques inspired by Blenheim Palace. Each store translate British heritage into a local cultural expression. The reason to come back cannot simply be to buy another bottle. Every visit needs to offer something new, a launch, an artist, a pop-up, a cultural moment. Our store needs to give you a reason to come back even when you don't need a fragrance. While our physical store, our cultural embassy, brand.com is our digital flagship. It's not just an e-commerce site, it's an experience platform. This year, we introduce something that fundamentally changes how fragrance can be discovered online. For the first time, consumers don't browse categories. On Byredo, they share a memory, a feeling, a moment, and our AI translates that emotion into fragrance recommendation. Thank you for sharing something so personal. Your story reminds me of three Byredo perfumes. I suggest we explore them together. Not based on notes, not based on filter, based on identity. Because this is Penhaligon's, our AI companion couldn't simply be a chatbot. Of course, it's a Cavalier King Charles. He recreates online the very British experience of an in-store fragrance consultation. D2C gives us control. AI gives us intimacy. Together, they can redefine how we recruit in niche. Finally, like-for-like productivity will be driven by innovation. Puig is a home of creativity, and in niche, creativity is a powerful competitive advantage. We don't follow tastes, we challenge them. Innovation is how today launches become tomorrow's hero. Take Alto Astral. It's already in our top 5 in the U.S. Future Memories enters our top 5 in both the U.S. and Europe. We have 5 heroes today. Our job is to build the next 5 ones. Same dynamic for Penhaligon's. Finley remains in our top 5 across Asia and the Middle East, and Baroness enters directly at number 1 in our D2C. The objective is not launch spikes, it's staying power. Innovation goes beyond fragrance. Fragrance remains our core. It builds loyalty and profitability. But bath and body recruit, home creates frequency and gifting, and Byredo goes even beyond with Byproducts extending Byredo into lifestyle. Different categories allow us to serve different consumers and regions without diluting the core. Fragrance builds the brand, multi-category builds the ecosystem, and we stretch that ecosystem across price point. But also in quantity, adapting to different consumers and regions. So far, we've talked about extracting more value from the footprint we already have. Our second growth engine is expansion, and here our approach is simple: scale what works profitably. The question is simple: where is the next pool of growth? The answer starts with our footprint. It looks very different from the niche market. The difference is not a structural weakness. It's a significant growth opportunity. The U.S. is clearly the biggest opportunity. It represents roughly one-quarter of the global niche market, even one-third in wholesale, and we materially under index. For Penhaligon's, the second opportunity lies in Northeast Asia. Penhaligon's roadmap defends U.K. and Middle East leadership, scales China and the U.S., and reenters Japan and Korea indirect. That takes us from roughly 900 doors today to around twice that by 2032. For Byredo, consolidate Northeast Asia, become a leader in the U.S., conquer key European cities, and accelerate indirect in the Middle East. A more balanced footprint, reaching around 2,000 doors by 2032. To conclude, a niche is no longer a punish. It's a structural pillar of the fragrance category. At Puig, we have built the architecture to lead it. Strong brand, disciplined expansion, and cultural relevance at scale. With these growth building blocks, we see a clear path toward the EUR 1 billion mark over the long term. Today, Byredo and Penhaligon's are the two strongest growth engines of our niche portfolio. But more importantly, they demonstrate that this model is repeatable. They are not just driving growth, but they are setting the blueprint for L'Artisan Parfumeur and Dries Van Noten. Which means that this journey has not reached maturity yet. We are just getting started. Thank you very much, and I now hand over to Kaatje Noens. Good afternoon. I'm Kaatje Noens, Managing Director at Charlotte Tilbury Beauty. It's a pleasure to be here today, and I'm delighted to talk about Charlotte Tilbury Beauty through the lens of Vision 2032. Charlotte's vision and strategy has always been to build the greatest global beauty empire. Charlotte saw that the industry was ripe for disruption, with a huge white space for a tri-axis beauty brand that was luxurious and aspirational, but at the same time, accessible for consumers. Our journey so far has been truly incredible and unique. Since launching in 2013, we grew from a challenger brand to market leader in just 13 years. Since the acquisition by Puig in 2020, we have tripled the business. By the end of 2025, we were already a top 1 to 5 brand in all the biggest makeup markets. Year to date, 2026, we have kept these rankings, holding our number 1 rank in the U.K. for the past four years and still growing faster than the market. In the U.S., we strengthened our number 3 rank, again, growing faster than the market. We even conquered the top 2 rank in France. Our success to date relies on the brand's five key superpowers, product, media, talent and community, tech, and purpose. They are truly our competitive advantages. It's this 360 omni-channel consumer-centric approach that generates natural advocacy, secures consumer trust, closes the flywheel to conversion, and drives long-term profitability. Let me walk you through them. It all starts with the product. Since the launch of the brand, Charlotte has been a beauty disruptor and a category creator. When she started the company, the products that the consumers needed simply were not there. Charlotte has driven innovation that has reinvented and even created categories that didn't exist in the beauty industry before. 34 years of artistry expertise are embedded at every stage of our development process to create products that do all the work for our consumers and preempt the consumer needs state. We develop revolutionary high-performance products that are easy to use, easy to choose. That's why we have created products that today are verified category leaders, like our iconic Airbrush Flawless finish powder and setting spray. We've also created brand-new categories like Hollywood Flawless Filter and new innovations such as Unreal Foundation. Since the first day, it was Charlotte's unique vision and strategy to operate like a media company to generate virality and engagement. Since the beginning, we built a brand with an in-house media agency covering social influencers, partnerships, talent, and press. It means we can stay ahead of the curve and be agile at scale, meeting consumers right where they are. The genuine advocacy we get from celebrities and influencers allows us to create assets that resonate and stand out in a sea of paid-for content and associations. This authentic content is ultimately more valuable and more powerful. Since day one of the brand, we have leveraged social media as a powerful tool, and we now have over 20 million followers across all of our platforms, creating viral content daily. It's Charlotte's mass intimacy. We have scaled across the globe, but we have maintained that depth of intimacy and emotional connectivity with them, generating brand heat, love, and desire, which in turn leads to conversion. Being tech-first has always been a cornerstone of our strategy to meet consumers where they are. Our strategy has always been to democratize beauty, giving consumers what they want, where they want it. Technology is crucial to achieve that. Over the years, we've developed virtual try-on tools and consultations, virtual store launches, master classes, and experientials. We launched our easy Beauty For You app in 2023, and today we have more than 4 million downloads with a 4.9-star rating. Our agility as a tech-first beauty brand is how we have been able to pivot and evolve in tandem with consumer behavior and their expectations, staying ahead of the curve. Ask Charlotte is our new AI-powered beauty advisor. It simulates a conversation with Charlotte, generating authentic expert guidance. It delivers personalized, intimate, and accurate beauty advice from Charlotte to the consumer. Our mission has always been to help everyone everywhere be the most confident version of themselves. It's a trans-generational purpose that resonates strongly in today's world, driving loyalty and trust. Through long-term partnerships with charities who build confidence around the world, The King's Trust, the Clooney Foundation, Women for Women International, and unique partnerships to support women in sports, like the Dallas Cowboys Cheerleaders, we deliver against our mission to celebrate and empower women globally. The effectiveness of these superpowers and competitive advantages are recognized in the constant accolades we receive from the digital community. Last Christmas, we were the number 1 recommended makeup brand by ChatGPT, and in 2025, we were also the number 1 non-retailer beauty brand in Gen Z engagement. Being only 13 years old, we remain ambitious, as we foresee a 50% growth by 2032. We have four key building blocks: organic growth, which will rely mostly on the expansion of our makeup business to reach the number 1 rank globally. In other words, scale what works profitably. The acceleration of our two other categories, skincare and fragrance, and most importantly, the expansion in new markets and distribution. Makeup is where we have reached a leader position in several markets, but we continue to grow organically. To achieve this, we build iconic franchises, which has always been central in our strategy, creating worlds that are instantly identifiable and that people emotionally connect with. Airbrush Flawless is our biggest franchise. It is a routine of high-performing formulas that gives a flawless, poreless skin. Within this franchise, we have two of our brand icons, setting spray and powder. The growth potential relies on the biggest segment of the face category, liquid foundation and concealer. We are already growing significantly in this segment with the successful launch of our concealer beginning this year, and more groundbreaking innovation to come in 2027. Pillow Talk is our second-biggest franchise at a universal icon. The strength, a universally flattering shade that took Charlotte years to create. Pillow Talk is already an established category leader in liners and lipsticks, but we have a fantastic opportunity to grow with franchise in lip hybrids like balms and glosses, which are fast-growing lip segments. Looking ahead, we have a very exciting and strong pipeline in innovation in lips, eyes, and cheek within the Pillow Talk franchise. Still, beyond Airbrush and Pillow Talk, we are also creating new franchise heroes. Unreal Skin, a makeup skincare hybrid that we launched in 2024. The formulas are innovative because they contain at least 80% skincare. They are specifically designed to target consumers looking for an easy-to-use, on-the-go makeup, giving a healthy glow. The second hero is Exagger-Eyes. Mascara is a big beauty segment and we are just getting started. Exagger-Eyes mascara saw a big halo effect from our very successful Exagger-Eyes eyeshadow stick launch, and we will continue to foster that growth. In 2024, we took our first steps in fragrance with the launch of our Collection of Emotions within a very limited footprint of distribution. Now by leveraging Puig's expertise in this category, we are developing a future blockbuster rooted in an existing franchise with the power of prestige distribution. Beyond makeup, we have the opportunity to grow other categories, and that starts with skincare. Magic Cream was the first product Charlotte created and is today a global icon. This year, we have reformulated and relaunched it by developing a first-to-market proprietary ingredient that has taken it even further into the future, Recoverstem Peptide. Our supercharged Magic Cream is perfectly positioned to continue to recruit consumers, especially makeup users, thanks to its unique duality of being a moisturizer and primer. But we will also go beyond Magic Cream to significantly accelerate our skincare business. We have a huge potential to build a full skincare offer for our specialty distribution on Amazon, and we have a pipeline of innovation to develop a full routine of products to complement Magic Cream at a more accessible price point better suited for the consumers, creating a valuable gateway into the brand. From day one, the brand has been intentional in the sequencing of its geographic expansion. Our overarching brand strategy drives brand heat, awareness, and demand, while our distribution strategy remains tight and highly productive. Charlotte Tilbury is currently present in only a third of global premium makeup distribution. We are in roughly 5,000 points of distribution globally versus an average of 15,000 points of distribution for some of our competitors. With limited distribution, we have the volume of a global powerhouse, and that means we still have headroom to expand while preserving our brand desirability. The best example is the U.K., where we are the number one color brand, but only entered in 31 Boots stores this past July. In Europe and travel retail, we have been particularly selective, and the opportunity for expansion is meaningful. Our largest value opportunity is China, where we have a high e-commerce penetration and aim to open more own stores across tier 1 and 2 cities. Finally, we have ambition to conquer new territories. I said before, we launched Mexico just last year, and we will leverage Puig's expertise of the Latin America region to continue expanding our footprint across LATAM, starting with Brazil. As we scale China, we have the opportunity to build our presence in North Asia with Japan and Korea openings markets, which will be amplified by our visions in skincare. I hope that this gives you a taste of the incredible brand we already are, the unique strategic superpowers, and competitive advantages that continue to propel our success, and the exciting opportunity ahead to continue our strong growth trajectory into 2032 and beyond. I will now hand it over to Marc Dilemont. Thank you, Katia. Good afternoon, everyone. Welcome to the world of science. Let's talk about skincare and one of the fastest-growing dermo-cosmetic brands, Uriage. Skincare is a EUR 152 billion category and represents 51% of the global beauty market. Skincare, and especially dermocosmetics, is a significant opportunity for us. The skincare category has been driving the growth of the beauty market for the last decade, with a steady and continuous 10% growth since 2015. We expect this momentum to continue at a 6% to 6.5% CAGR. The dermo-cosmetic market is expected to reach EUR 50 billion by 2032, representing over a quarter of the skincare category compared to 16% in 2020. Dermocosmetics are most developed in France and already account for 40% of the French market. As consumers become more educated, they are increasingly aware of the category and very interested. We believe this is a global trend, not just a French curiosity, that will move the dermo-cosmetic category towards higher penetration in many other markets. There are three reasons for this fast and sustainable growth. First, consumers' needs for safety, efficacy, and good value for money, which are the key features of any dermo-cosmetic product. Second, distribution expansion. The market used to be dominated by independent pharmacies that concentrated around 70% of the sales in 2017. While these channels continue to grow, the category has expanded significantly into e-commerce, pharmacy chains, and selective distribution. Today, dermocosmetics operate in a much broader multi-channel ecosystem, significantly increasing consumer access and market reach. Third, the market benefits now from a multi-touchpoint demand generation model. While dermatologist prescriptions and pharmacist recommendations remain core, social media today, you have all heard about the dermfluencer and skinfluencer phenomenon, and AI tomorrow educate new consumers to the category, especially Gen Zs and men. Puig is well-equipped to benefit from these three market shifts: capturing consumer needs, anticipating distribution expansion, and mastering new consumer touchpoints. Let's talk about our leading dermo-cosmetic brand, Uriage. Uriage has been consistently outperforming the market, accelerating significantly in the last 3 years, growing 3 times the overall skincare market. The brand owns leading position in its historical market. Uriage is number 1 in Portugal, number 1 in Czech Republic, number 4 in Belgium, number 6 in France in units. Uriage is also enjoying a very strong momentum in its new markets, improving its rankings in countries such as Mexico, Canada, Saudi Arabia, and Vietnam. Over the last 2 years, we have completed a profound transformation of Uriage with a more modern image and a stronger medical identity, leveraging the unique DNA of the brand. Here, we are ready to scale what works profitably. Shaping the future as a pioneer in the Triple Barrier Science. The power of a unique repairing thermal water, combined with the most advanced skin health expertise to help restore all skin, even the most sensitive, from simple irritation to more pronounced skin concerns. Born in the French Alps, the Laboratoires Dermatologiques d’Uriage, with 30 years of research and 17 patents, have developed with dermatologists advanced dermatological skincare, combining its repairing thermal water with carefully selected key ingredients to rebalance the skin's microbiome, regenerate the skin's surface cells, reinforce the skin's moisture barrier, and help all sensitive skin look healthier. From creating effective formulas, to offering treatments at our Uriage Therapeutic Thermal Center, we provide access to care that everyone deserves. For us, care goes beyond products for all skin needs, at all ages from every angle. Uriage, the Triple Barrier Science to restore skin health. The essence of Uriage is Triple Barrier Science to restore skin health. We act in a targeted way on the three levels of skin barrier, thanks to a powerful combination of our unique Uriage repairing thermal water and advanced dermatological active ingredients. We do this across a very large portfolio of products covering all major skin concerns, as they are all linked to skin barrier disruptions. This science is supported by 17 exclusive patents. In a hyper-competitive skincare market with an inflation of claims, Uriage differentiates itself thanks to its unique scientific superiority and true anchorage in dermatology. We are proud to say we are developed with and recommended by dermatologists. In dermatology and at Uriage, everything begins with skin observation. To assess the patient's unique experience living in their skin. To improve their skin's condition, we rely on innovation rooted in real-life skin observations and more than 200 years of clinical expertise at the Uriage Therapeutic Thermal Center. Inspiration comes from international dermatology congresses, guided by key dermatology researchers and opinion leaders. With care, Uriage transforms clinical needs into life-changing dermacosmetic innovations designed as supportive skincare solutions. For over 30 years, Laboratoires Dermatologiques d’Uriage have partnered with leading dermatologists to develop advanced Dermo-Cosmetics, combining the unique Uriage repairing thermal water with carefully selected dermatological ingredients. Backed by 17 patents, all formulas are developed under a strict formulation charter compliant with high-quality standards, ensuring safety, proven efficacy, and high tolerance, with pleasing textures designed to encourage compliance. Every innovation is backed by robust clinical evidence and tested in prestigious research centers around the world. We go further by assessing the impact of our products on skin's natural defense barrier. Uriage science is internationally recognized with more than 250 scientific publications, posters, peer-reviewed articles, and communications presented at major dermatology congresses worldwide. Every day, more than 40,000 dermatologists across the globe recommend our products to their patients, transforming dermatological science into trusted, evidence-based dermacosmetic care for every skin, every need. Uriage: developed with and recommended by dermatologists. This scientific expertise has earned the brand the highest repurchase rate in the industry, a very impressive 72%, and we are very proud of it. This renewed scientific platform came to life last year with the relaunch of our hero franchise, Xémose C8+, which combines eight biomimetic ceramides and our unique Uriage repairing thermal water to offer immediate soothing effect and long-lasting repair for all atopy-prone skins. We also recently introduced a new franchise, Age Absolu. Its EO Serum, formulated with 8,000 microspheres and procollagen peptides, allowing us to compete in the more valorized anti-aging category. While still being a challenger, we believe Uriage now has the standing to compete with the major global players, since the scale and the success of these brands give us confidence in the opportunity that remains for Uriage. We have identified five avenues to scale up profitably. One, category expansion. Second, Europe. Third, LATAM. Second, Europe and LATAM. Third, e-commerce. Four, large paramedicine. Five, Puig platforms and the integration with ISDIN. With this clear strategic level, we are aiming to double the size of Uriage by 2032. Let me share this in more details. Sun care and anti-aging are respectively the first and second largest dermocosmetic categories in Europe. Our market share in those segments is less than half our fair share. In 2026, we have relaunched our Age Lift franchise featuring three types of gradually released retinoid, providing up to three times fewer wrinkles even for the most sensitive skins. You can see here the remarkable results and the impressive before and after pictures. We also relaunched our sun care range. The texture of our new Bariésun Aqua Fluid was specifically designed to address the needs of Latin American consumers with an ultra-lightweight, dry touch formula. It happens to already be a global success. Geographically, while the brand has international presence today, we are focused on building our strongholds and scale profitably. Europe still represents the largest and most profitable opportunity for us. We have some white spaces, for example, Scandinavia and the U.K., and opportunities to improve our rankings in some existing markets, leveraging our current momentum. LATAM is a top priority for Uriage. It represents 10% of the market, but only 2% of our business today. To make our mark in LATAM, we are leveraging the power of Puig's platform and in the future, the expanded Puig Derma platform. E-commerce is about 25% of the dermocosmetic market and is estimated to be close to 30% of the revenue of the leading player. We grew e-commerce by 45% in 2025 and still have significant room ahead to close the gap. As discussed earlier, e-commerce combined with social media is a new growth engine for the category. Speaking of social media, we are proud to say that Uriage was one of the fastest growing brands on TikTok in 2025 globally, reaching the number nine position. We are also taking advantage of the channel shift, strengthening our partnerships with large dermocosmetic retailers. Being part of Puig positions us as a natural partner for what we call selective parapharmacies. To wrap up, category expansion, a stronger geographical footprint, e-commerce acceleration, and a focus on large dermocosmetic retailers, all within the context of the expanded Puig Derma platform, now reinforced with ISDIN, will allow us to reach our goal to double the size of Uriage by 2032. Uriage has a right to win in a dynamic dermocosmetic market. It is a true love brand with proven proprietary science and significant white spaces now powered by Puig's platform. Thank you to all of you for your attention. Thank you. Thank you, Marc. We will now shortly begin Q&A for the second set of presentations. Quick reminder, remember to introduce yourselves and try to limit to one question. With that. Yeah. Thank you very much for the presentations. Aron Adamski at Goldman Sachs. I wanted to ask about the prestige fragrance, and the pipeline you have in terms of new franchises that you will be bringing on. I think I counted about five. It sounds like it is going to be quite busy. I was wondering, how are you going to phase these launches? On the Rabanne franchise that you will be launching next year in the masculine segment, I was wondering if you already got any feedback from your partners, and any idea on how much shelf space they are willing to allocate to it? Thank you. So, first of all, we manage a portfolio of brands, and we decide how to sequence our innovation and investments with discipline, always. You have seen that we have a clear opportunity and a wide space in feminine. That is why we are now doing the La Favorite exercise with Gaultier. We will have another launch in feminine for Rabanne, as we have told you, in a couple of years. We will also be tackling this segment with Charlotte Tilbury, not necessarily only with the prestige brands that you saw in my piece or with Katia, that maybe she can complement later. That is how we capture to work. We always manage, I would say, a broader pipeline, but then we sequence how to innovate and what to launch. I want to come back to my idea that we do not only innovate with new franchises, but we also innovate within the core franchises and the icons we already have. We see innovation in both sides, and for us, that is very important. Innovation in the enduring icons that we keep on building, and innovation in the new franchises where we see white spaces, and then deciding how to sequence that, managing a portfolio of brands, and deciding when is the right moment to launch everything. For the Rabanne masculine launch that we will do next year, we are working, and I cannot share yet where we are, but we are very excited about it. Do you want to say something or no? No, I think to complement to the cadence of the prestige fragrance launches, I can only say that we are excited that we get a go in 2028. I wanted to ask about building the Asia franchise on the fragrance side. You already have some established markets, you mentioned China, Korea. Can you talk about, A, the market itself? I presume it's quite small, especially in North Asia. How is that evolving, and then what is it that you need to do? Do you need to have your own sales people? Do you need to go through a specific distributor? I'm just trying to understand how difficult or the practicalities in scaling up that Asian opportunity. Well, thank you for the question. I will start, and maybe they can build on that. In Asia, we have subsidiaries in China, in South Korea, in Japan. Actually, over these years, even if proportionally for the market, the fragrance part is smaller, in terms of sheer size, it's pretty significant. What we said, as was stated, we focus mostly on niche brands in Northeast Asia, and Charlotte Tilbury, which is doing very well. I would say, well, you can build on that maybe afterwards. We have our own team. One of the things that Puig has as a strategy is to build strong local teams to manage our brands in the long run. Specifically for niche, if you take Byredo, for instance, in South Korea, it's a top five brand. That gives us the scale to build a portfolio around that. In China, we have chosen to go a combination of direct-to-consumer and online with Byredo mostly, Penhaligon's, and L'Artisan Parfumeur, and that's the strategy we are following up. Maybe you can build on that, Thomas or Katia. To give you an idea of the size of the market, if you take South Korea and Japan, they represent roughly the size of China. We have a massive opportunity on Penhaligon's, as I was showing in the presentation, to accelerate indirect in South Korea and Japan. For Byredo, we have still, of course, room to grow in China and to consolidate the footprint that we have built in South Korea. And maybe for prestige only adding, where we will focus will be in Southeast Asia. We think that the fact that there is a low penetration, but that is increasing, that there is a raising income moment in the area. Plus, the impact of social that is having on the consumers worldwide is developing an appetite for prestige fragrances, and that is what we want to capture on. Li Zhang, Baader Europe. So one question on pricing for prestige and niche fragrance. So over last four, five years of consumer become more and more price sensitive. So at this stage, do you still feel comfortable for price increase in coming years? And with the growth you anticipate, how much you feel has come from price and how much has come from volume? Thank you. Maybe you want me to take this? Si. No, basically, most of our growth has come from volume. And actually, when you see the niche segment, it has enlarged the range of pricing, and we see many consumers premiumizing. You see it going in the two directions, so premiumizing and maybe looking for value for money. So we see no limitation in niche. I would say that there are many consumers going in this direction. And in the other sense, what we are doing is capturing consumer insights to make sure that we find the right sizes and the right price positioning in order to keep recruiting on consumers. So it is combining more consumer intelligence on that area. But I would say the market, as you saw at the beginning of the presentation, of the fragrance presentation, the market has structurally changed. And we are not seeing only some consumers going for lower price points, or I would say lower penetrations or recruiting format. We are also seeing a big shift towards premiumization, consumers that are mixing more, layering more, the phenomenon of the fragrance wardrobe. So I would say that there's possibilities on all the different price points. What we know for sure is that we will keep on addressing this, maintaining our profitability or even increasing our profitability. So that's how we plan to face this. And on this, just to complement this, we don't see this as a passing trend. It's a structural shift. Because if you take any luxury industry, whether it's car, watches, handbags, you have an array of prices that was going from small leather good to a couture, to give you a caricature. And it's true that fragrance was the exception. And we see today that people are leaning more towards intensity layering fragrance wardrobe. And this give us a really clear path to grow because some markets are still very under-penetrated with this premium offer. Thank you for the presentation. Just a quick one on Uriage. So I've seen you are targeting, well, you've shown, couple of products of sun protection. This is one of the core products of ISDIN, and you're also targeting Europe and LATAM. ISDIN is also dominant, I think here in Spain, it's also very strong in LATAM. So my question is, how will you manage potential cannibalization risk between these two brands? Thank you for your question. It's a little bit too early to go to the specific of ISDIN, so we just need first to close the deal. But answering based on what we know, they are two very different brands. Uriage is focused on Triple Barrier Science. It's leading, thanks to its unique Uriage thermal water. It's playing on many categories. ISDIN is a champion of sunscreen and photoaging and anti-aging product. We also have seen during the presentation that at Puig, we know really how to differentiate our brands even when they play on the same category. I think the demonstration of prestige was very strong, and this is our intention with ISDIN. We clearly see that there is room for two big sunscreen brands on the sun care market in dermo-cosmetic at Puig. That they will offer a differentiated price point, a differentiated story, and even with dermatologists, we will detail them differently. Hi, David Da Maia, CIC. I have a question for Ana. Would you say that your One Brand Vision approach, blending more fashion and beauty at your fashion houses, will help you to accelerate the pace of innovations going forward in this more competitive environment? I do not know if to accelerate the pace of innovations, because again, we select how to launch innovations and how to allocate investments. But I would say it is a competitive strength of Puig, yes. If you look at how do we manage our prestige brands, we have three Love Brands where we put together fashion and beauty, creating these brand ecosystems I have referred to. When we do an event, it is an event about the whole brand, not only a launch we are doing. So for example, it was almost a year ago, last year in Madrid, we had a big fashion show for Carolina Herrera in Plaza Mayor, but at the same time, we were launching La Bomba. At the same time, we were doing an activity with makeup where we were launching the foundation. This allows us to play the whole brand ecosystem, and we believe that this is an advantage competitive, to Puig, that other players do not have, and that allows us to play differently in this market for sure. Yes. Thanks for taking my question. Mariano Szachtman from Santander. My question is on Carolina Herrera, on the makeup initiative. I understand it has been offered over the last few years. If you could elaborate on what will change or what is going to change in order to make it one of the main growth drivers for the brand. Thank you. Carolina Herrera is a truly multi-category brand. We have fashion, we have fragrances and we have makeup. We entered the chapter in makeup a few years ago, and we intentionally decided to go to a, I would say, reduced distribution and to learn from that model. Today we are ready to scale that model. As I have told you in my presentation, we have leveraged the knowledge of Charlotte Tilbury. We have brought into the team, teams from Charlotte in order to reinforce it, and we think we are ready to keep on growing with the makeup story. But again, we look at the brand as a whole brand, as I was saying before. Our idea is to keep on growing Carolina and to keep the profitability or even enlarge the profitability in Carolina while building the second lever that will allow us to recruit new consumers into the brand. We think that from fashion to makeup, there is a lot of brand codes, desirability that we can translate into very interesting makeup products as we have been doing so far. Do I see any hands on that side? Okay. I guess one of the fragrance brands we haven't heard too much about today is Nina Ricci. I was wondering, there have been some reports that you might be considering closing the fashion house there, and if you could share your plans for that brand, that would be great. Nina Ricci is one of the very important brands, Puig. But it is true that we have decided to focus more on beauty while we see what we will be doing in the future with the other parts of the brand. But for now, yes, the focus will be beauty. I don't see- It's in your ear. Yeah. Okay. Hi, I'm Ignacio Carvajal from Cartesio. Thanks for the presentations. One of the presentations at the beginning, you talked about potential closure of business units, brands, in order to improve costs. At least that's what I recall. But you didn't mention what sort of criteria you were going to use to close those businesses. I don't know if you could give us a bit more detail on that. I will take this one. The specification is that one of the things we are doing, especially when it comes to growth, making sure we take a very detailed look at the ROI of the initiatives we do. In the case, knowing some of the initiatives that we have been developing over the years, knowing that some of them have not had the ROI we were expecting, then we decide to just either minimize them or step out, if that is what we think is the adequate way to go. That is what we think. In the sense, knowing, and when we have especially some brands which are subscale, we need to be very careful, making sure that, knowing we put the right resources in the initiatives within that initiatives or exercises that make sense from a profitability perspective. We have not been mentioning in terms of closing brands at all. That is not been the comment. It looks like there is no further questions at this time, so I will invite José Manuel to come make some closing remarks. There is one over there. Okay, apologies. We will take that one first. Thank you. Very last one. Miguel Medina from Mediball. Just one question on distribution. You have mentioned several times that you are planning to enter or expand in the platforms, maybe reduce the weight of the traditional channels like pharmacies, going to larger retailers. Are there any implications from that transition into pricing or control of inventory or sale or return? Should we consider a change in the business dynamics because of those new distribution channels? Is it- Miguel, is that question specifically for Derma? Excuse me. Overall. No. In general, we would say that, first, if you take global brands, usually we have a global pricing strategy, and then we have differentiated commercial conditions by channel, but nothing that you should take as a big difference in whatever projections you are doing. Thank you. This time checking for real that there are no further questions. You should come here, Varenya. Looks like we've addressed all the questions in the room, so thank you all for listening, and I'll invite José Manuel to make some closing remarks. For joining us here in Madrid. We all wanted to thank you for this afternoon. Thank you also for those connecting online around the world. With this Capital Markets Day, we wanted to give you more clarity about Puig. To share our Vision, our ambition, our strategy, and our priorities. To introduce you to the extraordinary people that will make it happen. Our path is clear. We want to reach EUR 8 billion, 22.5% EBITDA margin, and pursuing M&A to accelerate it further. This EUR 8 billion will be organically and scaling what works profitably. We hope you will leave tomorrow with a deeper understanding of Puig. We have the brand, we have the talent, and now it's question of implementing. I'd like to take this opportunity to first congratulate you all for the excellent presentations, to thank Varenya for her contribution to Capital Markets Day. Thank you all. Thank you for your engagement today. Thank you for your trust, your support, and we look forward to continuing our conversations tonight. Thank you.