Coty’s first quarter of fiscal 2025 (quarter ended September 30, 2024) delivered a modest top-line uptick and meaningful margin expansion within a still dynamic beauty market. Reported net revenue of $1.6715 billion rose 4.5% like-for-like (LFL), supported by strength in prestige and mass fragrance as well as mass skincare, while gross margin expanded 200 basis points to 65.5% driven by premiumization, pricing actions and supply-chain productivity. Adjusted EBITDA was approximately flat YoY at $360 million, reflecting softer order patterns in late Q1 and continued investments in strategic initiatives, including Laf Lacoste’s license divestiture impact and channel dynamics. Net income of $82.9 million and basic/diluted EPS of $0.0917/$0.0909 reflect the quarter’s earnings trajectory in the context of a high-teen to mid-teen growth framework for fiscal 2025. Coty reinforced its strategic program “all in to win,” delivering about $20 million of savings in Q1 with expected acceleration in Q2 and beyond, targeting >$120 million of savings for fiscal 2025 (and continued benefits in 2026+). Management underscored ongoing leadership in fragrance, a robust prestige fragrance backdrop, and a concerted push across categories, channels, and geographies to sustain outperformance versus peers. While near-term headwinds include U.S. retailer inventory management, China/Asia travel retail softness, and elevated prior-year comparables (notably Burberry Goddess), Coty projects like-for-like growth of 3%–4% for fiscal 2025 with EBITDA growth in the low-to-mid single digits in the first half and modest acceleration in Q3/Q4. The company’s balance sheet remains levered (net debt around $3.74 billion, ~3.4x EBITDA at quarter-end, excluding Wella) but anticipated deleveraging and continued free cash flow generation are central to the strategy, including potential enhanced buybacks post-Wella divestiture and a long-run leverage target near 2.5x exiting calendar 2024 and beyond. Overall, Coty’s QQ1 2025 results validate a transition toward higher profitability, stronger brand franchises, and a scalable, agile operating model designed to capture the beauty market’s growth across price points and regions.