2025 Universal Registration Document

2. Corporate governance

Annual variable remuneration
Qualitative criteria: Image, Company reputation, Dialogue with stakeholders Weighting 7.5%

Interview with Luca de Meo in Le Figaro on the announcement of the acquisition of Kering Beauté and the creation of an exclusive joint venture in Longevity.

  • Sustainability
    • For the 10th year running, L'Oréal was awarded a triple "A" rating for its environmental leadership by the CDP, marking a unique achievement.
    • Launch of the first call for applications for L'AcceleratOR – L'Oréal's sustainable innovation accelerator.
    • Launch of #JoinTheRefillMovement, the first global multi-brand, multi-category and multi-channel campaign, to mark World Refill Day.
  • Innovation and Beauty Tech
    • L'Oréal topped Fortune’s inaugural list of Europe’s 300 Most Innovative Companies.
    • Opening of a new Research & Innovation centre in Clark, New Jersey, representing an investment of $160 million.
    • Presentation of L'Oréal Cell BioPrint at the Consumer Electronic Show – a major advance in skin analysis based on longevity science.
    • L'Oréal held its inaugural Longevity Summit at Le Visionnaire in Paris, unveiling L'Oréal Longevity Integrative Science™.
    • Strategic partnership with IBM to develop the first AI model to assist with the creation of sustainable cosmetics.
  • An employer committed to its employees, to diversity, equity and inclusion, and to younger generations
    • L'Oréal announced the launch of a fifth employee share ownership plan.
    • L'Oréal ranked no. 4 in the world and no. 1 in France in the 2025 FTSE Diversity & Inclusion index.
    • Launch of the Engage & Care coalition with the International Labour Organisation.
    • Nicolas Hieronimus co-signs an article in the newspaper, La Tribune, called “Faire de l’insertion des seniors une priorité économique et sociale” (Making the inclusion of seniors an economic and social priority), with the leaders of the Les entreprises s'engagent community.
    • Interview with Barbara Lavernos in the newspaper, Les Echos, on diversity and inclusion at L’Oréal: Diversité et inclusion chez L’Oréal: “On ne change rien et on continue”.
    • Continuation of the L'Oréal for Youth and the L'Oréal For All Generations programmes.
  • Ethics
    • L’Oréal was recognised for the 16th time as one of the "World’s Most Ethical Companies" by the Ethisphere Institute.
  • Highlighting the French roots L'Oréal Groupe's
    • €60 million invested in extending the Gauchy plant (Hauts-de-France region) and visit by the French Minister for the Economy, Roland Lescure, hosted by Antoine Vanlaeys.
    • The Group's participation in European Heritage Days with many L'Oréal sites in France opening to the public.
    • Public campaign as part of France's national Industry Week, to promote the Group's French roots: “La beauté, une fabrique française” (Beauty's made in France).
  • Reputation and image of the Group and its teams with stakeholders:
    • Prize for “Acquisition of the year” awarded by Cosmetiquemag magazine.
    • L'Oréal achieved “All-Star” status in Fortune World’s Most Admired Companies List.
    • L'Oréal was included in Fortune's Blue Ribbon Companies list, which rewarded companies that featured five times in Fortune Magazine's 2025 annual rankings.
    • L'Oréal was included in the TIME 100 ranking of the most influential companies in the "Titans" category.
    • Nicolas Hieronimus named as "France's favourite industrial boss" by French media outlet, LSA.
    • Presentation given to students at the Institut Français de la Mode (French Institute of Beauty) in Paris.
    • Interview on the TV programme, Le Quotidien (on TMC), for the L'Oréal Paris fashion show – opening of Fashion Week.
    • Guest on stock market strategist Nicolas Chéron's YouTube programme: “Directeur général de L’Oréal: la stratégie du n°1 de la beauté” (Chief Executive Officer of L'Oréal: the top beauty company’s strategy).
    • Major interview in the Ouest-France newspaper: “Droits de douane, influenceurs… La stratégie du patron de L’Oréal” ("Tariffs, influencers... L'Oréal’s boss talks about his strategy”.
    • Second participation of Ezgi Barcenas in Climate Week NYC as the Group's Chief Corporate Responsibility Officer.
2.4.2.2.3 Performance share grants

Pursuant in particular to Articles L. 225-197-1 and L. 22-10-8 of the French Commercial Code and the authorisation of the General Meeting of 23 April 2024, the Board of Directors meeting on 10 October 2025, taking into account the performance of Nicolas Hieronimus and the share price valuation, decided to grant him 20,000 performance shares (ACAs – Attributions Conditionnelles d'Actions, existing conditional grants of shares), in accordance with the remuneration policy. Based on the IFRS used to prepare the consolidated financial statements, the estimated fair value of one performance share (ACAs) for the 10 October 2025 plan, of which Nicolas Hieronimus is a beneficiary, is €348.48.

The estimated fair value, based on IFRS valuations, of the 20,000 performance shares (ACAs) granted in 2025 to Nicolas Hieronimus is therefore €6,969,600.

These shares will only vest, in whole or in part, once the performance conditions described below are met(1).