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

Jose Manuel Muniesa: Thank you, Varenya, and good evening. It's my pleasure to be delivering my first earnings call today as the CEO of Puig. Before we get into our comments about Q1, I wanted to address what is likely front of mind for most of you. On the 23rd of March, Puig confirmed ongoing discussion regarding a potential business combination with The Estée Lauder, in which the 2 companies will potentially merge their business. As of today, we can confirm that conversations are ongoing, but no final decision has been made yet. We acknowledge that there is a lot of curiosity about the progress of these discussions. However, unless an agreement is reached, there can be no assurance regarding the transaction or the terms. And therefore, at this stage, we cannot comment further on this evolving situation. With that being said, I will turn to our Q1 update. We are pleased to report that we have delivered record Q1 sales and a solid start to the year, continuing our tradition of outperforming the premium beauty market as we have done consistently for each of the last 5 years, including each of the last 8 quarters as a public company. Let's turn to the details. We have delivered a solid performance for the first quarter of 2026, which has resulted in a record net revenue of EUR 1.215 billion. This represents a 4.7% like-for-like growth and a 0.8% increase on a reported basis, delivering ahead of the premium beauty market. This performance was broad-based where we saw all our segments and geographies contributing towards growth on a like-for-like basis. Our largest segment, Fragrance and Fashion showed outperformance within the context of more moderate underlying growth when compared to Q1 of 2025. This was supported by a strong performance in makeup and a steady delivery in skin care. We had a notably negative impact of minus 4% due to foreign exchange, largely due to the comparison with the U.S. dollar rate versus Q1 of last year. Let me share now some more color by the business segments. I will start with Fragrance and Fashion, which accounts for 74% of total sales. In the first quarter, the segment delivered another solid result with EUR 897 million in net revenue. This represents like-for-like growth of 3.9% and a reported growth of 0.1%, achieved against a demanding comparison base from Q1 of last year and with an environment of market moderation today. Importantly, we see no gap in the sell-in and the sell-out in this category. As expected, performance during the quarter reflected a softer trend in prestige fragrances, while at the same time, Niche continued to show very strong momentum, delivering double-digit growth, once again outperforming the market. We also continue to energize our brand through innovation with several important launches across our Prestige portfolio. Carolina Herrera launched Good Girl Jasmine and Bad Boy Cobalt Absolute, Rabanne launched Phantom in Red and Jean Paul Gaultier introduced Divine Couture and Le Male In Blue. We also continue with our collection-based approach in Niche with the launch of L'Amant by L'Artisan Parfumeur among other strong launches. Overall, this performance once again demonstrates our ability to navigate on a more normalized market environment, combining disciplined execution, a balanced portfolio and a consistent flow of innovation. And this is only the beginning of the year. We have a strong pipeline of innovation. And over the quarters that follow, you will hear a lot more from us on Rabanne and on Jean Paul Gaultier. We also plan to share more with respect to our digital strategy in fragrance as we roll out it further. Moving now to Makeup, which represents 14% of the total net revenue in the quarter. In Q1, the segment delivered EUR 171 million in net revenue, translating into like-for-like growth of 9.2% and reported growth of 3.3%. This reflects continued standout delivery. Growth during the quarter was driven by Charlotte Tilbury with strong momentum across both the Asia Pacific and EMEA regions. We saw continued innovation in Makeup at Charlotte Tilbury, including the Airbrush Flawless Blur concealer, Pillow Talk Balm Lip and Beauty Soulmates Palette. Overall, the performance of Makeup this quarter highlights the continued delivery, supported by innovation and strong execution across key regions. We continue to see immense potential with Charlotte Tilbury for the long term. For a brand so attractive for consumers is distributed only in about 1/5 of the footprint that it could be in. Turning now to Skincare, which represents 12% of the total net revenue in the quarter. In Q1, the segment delivered EUR 147 million in net revenue, reflecting solid like-for-like growth of 4.7% and a reported growth of 2.1%. Overall, performance was resilient, supported by a balanced contribution across the portfolio. During the quarter, we continued to support growth through targeted innovation. Our Dermo-Cosmetics brands, Uriage and Apivita maintained positive momentum driven by the strength of their core range and relevance with consumers. We saw continued momentum of Uriage's hero franchise, Xémose C8+. Thanks to its new advanced formula with 8 biomimetic ceramides. We also relaunched our sun care range Bariésun, which includes 2 new hero products and launched the reformulated version of Charlotte Tilbury Iconic Magic Cream. In terms of geographic expansion, this quarter includes the rollout of Loto del Sur in Mexico and Chile, extending the brand beyond its own market of Colombia for the first time. Overall, Skincare delivered consistent growth, underpinned by innovation and the continued strength of our [indiscernible] platform. We also continue to be excited with the prospect of growing these brands for the long term and distribution potential for them across geographies and channels remains large. By geography, in Q1 2026, EMEA delivered net revenue of EUR 656 million, representing 54% of total net revenue. This translates into like-for-like growth of plus 3% and reported growth of plus 1.9%, reflecting continued solid performance in a more moderate consumer environment. Growth in the region was led by Fragrance and Fashion as well as Makeup, which continued to resonate well with the consumers. Compared to the prior year, growth moderated as expected, following a stronger comparative and a more cautious demand environment. I will also note that the ongoing situation in the Middle East had an estimated minus 1.2% impact on Q1 revenues, largely concentrated in March. We are closely monitoring developments and currently expect some ongoing effects while continuing to operate prudently across the region. The Americas generated EUR 428 million in net revenue in Q1, representing 35% of total revenues. On a like-for-like basis, the region delivered growth of plus 2%, while reported revenue declined by 5%, reflecting adverse foreign exchange effects, mainly driven by the U.S. dollar during the quarter. Underlying performance remained healthy with growth led by Carolina Herrera within Prestige as well as Byredo in Niche, confirming the continued strength of our brand portfolio across the region despite currency headwinds. In APAC, which represents 11% of total net revenue, sales reached EUR 131 million, delivering a very strong like-for-like increase of plus 26.1% and a reported growth of plus 17.9%. This performance reflected continued momentum across the region, driven by Niche fragrances and Charlotte Tilbury and demonstrates the effectiveness of our ongoing investment, brand opportunity and traction in APAC market. APAC represents over 1/3 of the global beauty market, yet accounts for just 11% of group sales. We have been investing behind reducing this gap for several years, and we believe now is the right moment to accelerate. Turning to our outlook. We continue to expect to outperform the premium beauty market on a like-for-like basis, reflecting the strength of our brand portfolio, the relevance of our innovation pipeline and the disciplined execution across regions and categories. At the same time, we expect that adjusted EBITDA margins will remain stable, broadly in line with full year 2025 levels despite operating in a more challenging cost environment. This reflects our focus on cost discipline, prioritization of our investment and the inherent resilience of our business model. Before I wrap up these remarks, I want to reiterate that due to the confidential nature on the ongoing conversations between Puig and Estée Lauder, there is very little that can be said on the topic, and we have shared those comments already. We also want to take this opportunity to thank you for your patience and understanding as we postpone the Capital Markets Day, which we were also truly looking forward to on account of these ongoing discussions. In due course, we will look forward to sharing more. In the interim, we remain focused on executing our strategy with agility, supporting our brands and driving profitable growth. To conclude, Q1 reflects disciplined execution and a strong foundation for the year ahead. Our strong pipeline of innovation and initiative for the year reinforces our confidence in the outlook and our ability to deliver it. With that, I'll hand it over to Varenya. Thank you.

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

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

Jose Manuel Muniesa: Thank you, Joffrey, for your questions. First, let me give you a little bit of color of the -- how do we see the performance of the premium market. We see that premium beauty still remains a very attractive consumer segment, and this is due to the global population with a strong appetite for innovation and for self-care. Having said that, inside of this premium beauty, we see fragrance. This is expected to remain for us the more dynamic category, and we see particularly growth pockets in China, in Latin America, Middle East and Africa. We also think that this segment is driven by the premiumization of the fragrance. And in this case, as you know, we'll have a very strong portfolio of niche brands, which is growing faster than the overall fragrance market. Having said that, and after many years of stellar growth, we are seeing that the fragrance market is normalizing and is going towards historical levels. And we are also seeing that brands are taking different strategies to growth with more promotions with more price offers and also with innovating in mass. In this sense, we are not going to play this game. We will lean on the strengths of our brands, and we remain confident that we will outperform through innovation. So it's hard to say now how do we foresee the market evolving. But if we have a look at Q1, we can share that selective fragrance market is growing around 3.5% in Q1 like-for-like terms. This is based on the data at that time, we'll see the impact of the Middle East in the future months. We can share also with you that Makeup is growing at a low middle single-digit growth. And we see in derma middle single-digit growth. So we foresee a continuity of those first data for the year-end. I hope this answers your questions.

Varenya Vadlamani: The next question comes from Aron Adamski from Goldman Sachs.

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

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

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

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

Jose Manuel Muniesa: Sure, Aron. This is a very important launch for us. This launch will happen in the second semester of this year. And this will be the first time we launch a feminine fragrance in Jean Paul Gaultier for the last 10 years. So we think that there is an important opportunity in the feminine fragrance, which represents roughly 65% of the total market. We are well known that our strong position in masculine fragrance market, which represents roughly 35% of the market and where we have a market share of 16.6%. So our ambition for the next years is to capitalize on the feminine market. We launched La Bomba last year. We have this important launch of Jean Paul Gaultier in the second semester of 2026 in a very good momentum because the brand is enjoying a lot of momentum in worldwide. And we will continue in the next 2 years capitalizing on these feminine launches through innovation. So we see that innovation is the name of the game from our side, and we want really to make a statement in the next 3 years with those important feminine launches. Hope that helps and clarifies your question, Aron.

Varenya Vadlamani: The next question comes from Celine Pannuti from JPM.

Celine Pannuti: Congratulations on your new appointment. My question, I understand you cannot talk about the deal. Just my question is, nonetheless, understanding the motivation of talking or thinking about the merger. I think 2 years ago, we followed the IPO of Puig. Clearly, your performance and even today, you talked about the opportunities ahead. You seem to be very optimistic, and you flagged as well Asia, still a lot to conquer. So why is it that Puig cannot conquer all of that on a stand-alone basis? What has changed versus the narrative of the IPO and as well the fact that the family had been engaged on a solo basis for more than 100 years. And just I have a follow-up question on could you tell us how big is Niche as a percentage of the total fragrance category? And when you say double digit, and I see how strong Asia is, and I think you bought Byredo, you mentioned and it's one of your biggest brands, am I right to believe it could be like in the 30% type of growth?

Jose Manuel Muniesa: Thank you, Celine, for your question. I really understand that there is a lot of curiosity about the progress of this discussion. However, unless an agreement is reached, there cannot be assurance regarding the transaction or the terms. Therefore, at this stage, I cannot comment further on this evolving situation. As of today, the only thing I can confirm to you is that conversations are ongoing, but not final decision has been made yet and no agreement has been reached. Having said that, proud -- at Puig, we are very proud of our first Q1 results, okay? We are pleased with those sales, and we see that as a solid start of the year. Concerning your second question around Niche, Niche is enjoying a strong double-digit growth in each one of our 4 Niche brands and in every single market worldwide. We see huge potential for Niche. We experienced amazing growth in Asia, but we are also seeing huge opportunities in North America. As you may know, the U.S. represents roughly 25% of the total Niche global market, and we only account -- includes for 15% of our sales. We are only in 150 doors in terms of wholesale, where main competitors are roughly 600-plus doors, sorry. So we have a tremendous opportunity that we are going to take starting this year through expansion and escalation, which will be selective and productivity driven. We will increase our reach, but for sure, without compromising our positioning and our productivity in Niche. I hope this answers your question.

Varenya Vadlamani: The next question comes from Mariano Szachtman from Santander.

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

Jose Manuel Muniesa: Thank you, Mariano, for this question. APAC represents roughly in the beauty -- in the global beauty market around 39%. And in our case, in the case of Puig, it only accounts for 11%. Having said that, we have a very interesting like-for-like growth this quarter with plus 26%, and we have been enjoying double-digit growth for the last 3 quarters, okay? So we think it's the right momentum for us to take the opportunity of APAC. In the last 5 years, our main focus was in the U.S., where we are reaching roughly a 21% penetration, and now it's the right moment for Asia. So if we want to go deeper into Asia, what we are doing is to focus in 2 different strategy depending on the area. For Northeast Asia, we are going to focus on consolidate our Niche brands and Charlotte Tilbury. As I was saying before to Celine, our Niche brands are enjoying an amazing double-digit growth and Charlotte Tilbury is growing in a very fantastic path. So we are quite happy, and we will focus on these Niche brands and Charlotte Tilbury. As you may know, over the last years, we created a subsidiary in Japan, we created a subsidiary in Korea, and we are going to take this opportunity to really focus on Northeast Asia. If we have a look to the other part of APAC, we see Southeast Asia, India and Oceania, our focus will be in Prestige Fragrance and in Derma. So we are setting a high level of ambition, but without compromising our profitability. We are excited with the results. The teams are extremely motivated and the first results are extremely encouraging. I hope this answers your question.

Varenya Vadlamani: The next question comes from Jeff Stent from BNP Paribas.

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

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

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

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

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

Varenya Vadlamani: The next question comes from Tom Randall from Jefferies.

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

Jose Manuel Muniesa: Thank you, Tom, for your question. It's been roughly 2 years when we acquired this brand. In Puig, our first 2 years are really dedicated to premiumization of the brands, okay? So what we are doing for those 2 years. First, we put a lot of focus on reducing distribution. We cut roughly 30% of the existing doors. We also put a big focus on reducing the number of SKUs. So that was the first part of the premiumization of the brand. Second part, we have been working together with Barbara in new launches. We just launched our first product together, Peptide Serum was launched 3 weeks ago with great results. It is today top 2 SKU in our portfolio. And we plan to launch our second launch together by the second half of the year in the anti-aging sector with huge expectation as our #1 launch. So main focus those 2 years have been about that. We have not go to new markets, we have concentrated in the markets where we were, roughly U.S., U.K. and Germany. And as time goes by, we will start to first increase distribution in doors, improve the existing location as we have been doing up to now, and we will analyze future market in the years to come. I hope this answers your question.

Varenya Vadlamani: The next question comes from Luis Colaco from JB Capital.

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

Jose Manuel Muniesa: Sure. I mean first of all, what I -- well, Luis, thank you for your question. And let me first share with you some data about how we are doing in Makeup. We are extremely pleased with our sell-out results. If we take a look at the first quarter of the year, we have been growing market share worldwide. We have grown more than 1.4% in Germany, more than 1.8% in France, more than 1.1% in Italy. We have grown 0.2% in the U.S., 0.3% in Canada. So we are growing market share in every single country. We are extremely happy with the performance of our last Christmas campaign with great sell-out results. It's true that when you talk about Makeup, it's mainly Charlotte Tilbury and its brands -- has been only one brand, has a very specific calendar with anniversaries to do in terms of innovation and in terms of rollout distribution. As we all know, last second half of the year -- last year, we opened Amazon in the U.S., and we also opened some doors in Australia with Makeup and in the U.S. with Ulta. So anniversary of this opening will be compensated with an important innovation calendar for the second half of 2026. This first quarter, we enjoy a growth of 9.2% like-for-like basis. So we are happy for that. And we are going to see some in the second quarter, we're going to see important openings. For the first time, we will go to Boots with Charlotte Tilbury. We will open a limited number of stores in the U.K., and we have also important innovation. There's also this balance between sell-in and sell-out that will happen in the second quarter. We have a very important sell-in due to the Amazon piece last year that will be equilibrated, but we are extremely happy and confident due to the good results of our sales growth in every single market. I hope this answers your question.

Celine Pannuti: Thank you for allowing me a follow-up. I wanted on Middle East to understand so the impact, so it feels -- so my calculation is that March was down 50%, 5-0. Is that right? And can you explain where this came from? And what are you baking when you say 1% for H1? Yes. And then what do you expect to be the collateral damages, so to speak, in terms of potential cost inflation, especially in glass, potential demand in travel retail globally and how Europe consumer may react to higher price point elsewhere, general inflation in the fragrance category? And then maybe also, could you comment on Americas? There's been no question on this and the region was quite weak. If you could comment on whether Latin America was negative, what drove quite a low level of growth in that region?

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

Miquel Serra: Thank you, Jose Manuel. Thank you, Celine, for the question. So in terms of Middle East, and I think what Jose was explained before in one of the questions asked on the topic, we have been facing a higher pressure on the travel retail business over there versus the local business. This EUR 8 million impact, again, this is the March impact. And we do expect that with the conflict continuing over Q2 that the overall impact on growth for the group during first half to be around 1%. That is how we are projecting the growth impact due to the conflict in Middle East. To the topic with respect to profitability and how the cost pressures, both on cost of goods or distribution could affect us, we are monitoring that reality, given the current situation, given the evolution of our brands and again, the plans we have for the year, we do still confirm our guidance for the year to keep EBITDA margins flat versus the ones we had last year. And as a reminder, we're at 20.7% over net revenues. So that is a bit what we are expecting with respect to Middle East. And I hand it back to Jose Manuel to answer the question on the Americas.

Jose Manuel Muniesa: So for the Americas, first of all, in North America, we have a very healthy situation with fragrance. The launch of Good Girl is a good proof of that and the way we are scaling our Niche fragrance, Byredo and Penhaligon's. Latin America, as you know, last quarters have this ups and downs, but we feel confident with the region. We have a very important market share in this region. We are putting, as I was saying before, efforts in Charlotte Tilbury. We just launched last year second quarter -- second half, sorry, of the year in Mexico with extraordinary results, reaching already a 3% market share with a very few distribution doors. So we are expanding this door, and we are considering new markets in Latin America. Also, Derma is an important priority for the future in Latin America. We have good results in Chile and Mexico, which are the main markets where we are starting this skincare of Uriage in the region. So we feel excited. And La Bomba was a great success. We have a very important launch now in Carolina Herrera, which is the #1 brand in the area with 212. So it's specifically done for Latin America. And we have also the launch of Jean Paul Gaultier. So we have important expectation. Niche also was not a priority in the area, it's getting more and more relevant. we launched in Mexico, Penhaligon's and Byredo with good results. We are extremely happy, and we see much more potential than we saw at the very beginning and the same came for Brazil. So we are confident with that. I hope to answer your question.

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

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

Celine Pannuti: The Middle East impact?

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

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