Alphavalue / Divacons | The Spanish cosmetics company presented its Q3 2025 trading update yesterday after the close of trading. Net sales of €1.3 billion (up 3.2% year-on-year) compared to the €1.28 billion expected by the consensus. These quarterly results exceeded expectations, driven by exceptional momentum in the Makeup segment and continued strength in Asia. The makeup segment benefited significantly from Amazon’s new distribution channel, which accounted for approximately half of the segment’s 18.8% growth in Q3 2025. Meanwhile, strength in Asia was supported by the expansion of niche brands and the consolidation of local subsidiaries.
Following a solid Q3 2025 and improved visibility on wholesale orders, the company upgraded its guidance for 2025. Revenue growth on a comparable basis is now expected to be in the mid-range of 6% to 8%, while adjusted EBITDA margin expansion is expected to remain in line with the improvement achieved in 2024.
