Coty delivered a robust Q3 2024 performance with meaningful margin expansion and reaffirmed a constructive trajectory into fiscal 2024 and 2025. The company reported like-for-life revenues up 10% in Q3 and 13% year-to-date, underscoring the strength of its diversified portfolio across Prestige fragrances, color cosmetics, skincare, and body care. Adjusted gross margin expanded 190 bps year over year to 64.8% in Q3 (64.4% year-to-date), with adjusted operating income and EBITDA also registering double-digit gains, driving EBITDA margin up about 30 bps. Management raised the midpoint of fiscal 2024 guidance for the third time this year, signaling confidence in continued growth, disciplined pricing, and ongoing margin accretion despite investments in growth initiatives. Key strategic pillars—Consumer Beauty expansion, Prestige fragrance leadership, skincare portfolio buildup, digital and R&D scale, Travel Retail expansion, and sustainability leadership—remain the cornerstone of the growth framework. However, near-term headwinds include FX pressure, a modest Q4 restocking impact in Prestige, higher working capital and inventory investments, and a leverage profile aimed at investment-grade levels over the next 12–18 months. The earnings call highlighted notable innovations (Burberry Goddess, Daisy Wild, Cosmic Kylie Jenner, Infiniment Coty Paris) and a strong push into e-commerce (roughly 20% year-to-date penetration) as catalysts for future growth. The company continues to pursue deleveraging toward ~2.5x by end-2024 and ~2x by end-2025, with planned divestitures (e.g., Wella stake) to support this path.