2025 Universal Registration Document

2. Corporate governance

2.4.2.3 Remuneration paid or allocated to Jean-Paul Agon, Chairman of the Board of Directors
2.4.2.3.1 Fixed remuneration

At its meeting of 13 March 2025, and on the recommendation of the Human Resources and Remuneration Committee, the Board of Directors decided to maintain Jean-Paul Agon's annual fixed remuneration at the gross amount of €950,000.

2.4.2.3.2 Supplementary social protection schemes

The Chairman of the Board is eligible for the same employee benefit scheme as the Company's senior executives.

Employer contributions to his employee benefit plans amounted to €2,905.65.

2.4.2.4 Pay ratios and annual changes in L'Oréal's remuneration, ratios and performance over five years (1)
Pay ratios and annual changes in L'Oréal's remuneration, ratios and performance over five years 
  2021 2022 2023 2024 2025
Remuneration of the Chief Executive Officer, Nicolas Hieronimus(€) Remuneration of the Chief Executive Officer, Nicolas Hieronimus(€)

2021

7,768,780(1)

 Remuneration of the Chief Executive Officer, Nicolas Hieronimus(€)

2022

10,395,600(2)

 Remuneration of the Chief Executive Officer, Nicolas Hieronimus(€)

2023

10,583,320(2)

 Remuneration of the Chief Executive Officer, Nicolas Hieronimus(€)

2024

9,985,840(2)

 Remuneration of the Chief Executive Officer, Nicolas Hieronimus(€)

2025

11,318,100
Change/Y-1 Change/Y-1

2021

Not disclosed		 Change/Y-1

2022

 

 Change/Y-1

2023

+1.81%		 Change/Y-1

2024

-5.65%		 Change/Y-1

2025

+13.34%
L'Oréal company average ratio L'Oréal company average ratio

2021

77

 L'Oréal company average ratio

2022

99

 L'Oréal company average ratio

2023

84

 L'Oréal company average ratio

2024

76

 L'Oréal company average ratio

2025

83
Change/Y-1 Change/Y-1

2021

Not disclosed		 Change/Y-1

2022

+22 points		 Change/Y-1

2023

-15 points		 Change/Y-1

2024

-8 points		 Change/Y-1

2025

+7 points
L'Oréal company median ratio L'Oréal company median ratio

2021

110

 L'Oréal company median ratio

2022

137

 L'Oréal company median ratio

2023

123

 L'Oréal company median ratio

2024

111

 L'Oréal company median ratio

2025

119
Change/Y-1 Change/Y-1

2021

Not disclosed		 Change/Y-1

2022

+17 points		 Change/Y-1

2023

-14 points		 Change/Y-1

2024

-12 points		 Change/Y-1

2025

+8 points
Remuneration of the Chairman, Jean-Paul Agon (€) Remuneration of the Chairman, Jean-Paul Agon (€)

2021

1,600,000

(3)		 Remuneration of the Chairman, Jean-Paul Agon (€)

2022

1,600,000

 Remuneration of the Chairman, Jean-Paul Agon (€)

2023

1,600,000

 Remuneration of the Chairman, Jean-Paul Agon (€)

2024

1,166,667

 Remuneration of the Chairman, Jean-Paul Agon (€)

2025

950,000
Change/Y-1 Change/Y-1

2021

Not disclosed		 Change/Y-1

2022

0%		 Change/Y-1

2023

0%		 Change/Y-1

2024

-27.08%		 Change/Y-1

2025

-18.57%
L'Oréal company average ratio L'Oréal company average ratio

2021

 

 L'Oréal company average ratio

2022

 

 L'Oréal company average ratio

2023

 

 L'Oréal company average ratio

2024

 

 L'Oréal company average ratio

2025

 
Change/Y-1 Change/Y-1

2021

16

 Change/Y-1

2022

15

 Change/Y-1

2023

13

 Change/Y-1

2024

9

 Change/Y-1

2025

7
Change/Y-1 Change/Y-1

2021

Not disclosed		 Change/Y-1

2022

-1 point		 Change/Y-1

2023

-2 points		 Change/Y-1

2024

-4 points		 Change/Y-1

2025

-2 points
L'Oréal company median ratio Change/Y-1 L'Oréal company median ratio Change/Y-1

2021

23

 L'Oréal company median ratio Change/Y-1

2022

21

 L'Oréal company median ratio Change/Y-1

2023

19

 L'Oréal company median ratio Change/Y-1

2024

13

 L'Oréal company median ratio Change/Y-1

2025

10
Change/Y-1 Change/Y-1

2021

Not disclosed		 Change/Y-1

2022

-2 points		 Change/Y-1

2023

-2 points		 Change/Y-1

2024

-6 points		 Change/Y-1

2025

-3 points
L'Oréal company average remuneration (€) L'Oréal company average remuneration (€)

2021

100,694

 L'Oréal company average remuneration (€)

2022

104,848

 L'Oréal company average remuneration (€)

2023

126,323

 L'Oréal company average remuneration (€)

2024

131,124

 L'Oréal company average remuneration (€)

2025

136,196
Change/Y-1 Change/Y-1

2021

-4.01%		 Change/Y-1

2022

+4.13%		 Change/Y-1

2023

Not comparable(4)		 Change/Y-1

2024

Not comparable(4)		 Change/Y-1

2025

+3.87%
L'Oréal company median remuneration (€) L'Oréal company median remuneration (€)

2021

70,729

 L'Oréal company median remuneration (€)

2022

75,878

 L'Oréal company median remuneration (€)

2023

85,880

 L'Oréal company median remuneration (€)

2024

90,084

 L'Oréal company median remuneration (€)

2025

95,323
Change/Y-1 Change/Y-1

2021

-2.06%		 Change/Y-1

2022

+7.28%		 Change/Y-1

2023

Not comparable(4)		 Change/Y-1

2024

Not comparable(4)		 Change/Y-1

2025

+5.82%
Group sales (€m) Group sales (€m)

2021

32,287.6

 Group sales (€m)

2022

38,260.6

 Group sales (€m)

2023

41,182.5

 Group sales (€m)

2024

43,486.8

 Group sales (€m)

2025

44,052.0
Change/Y-1 (like-for-like) Change/Y-1 (like-for-like)

2021

+16.1%		 Change/Y-1 (like-for-like)

2022

+10.9%		 Change/Y-1 (like-for-like)

2023

+11%		 Change/Y-1 (like-for-like)

2024

+5.1%		 Change/Y-1 (like-for-like)

2025

+4%
Group operating profit (€m) Group operating profit (€m)

2021

6,160.3

 Group operating profit (€m)

2022

7,456.9

 Group operating profit (€m)

2023

8,143.3

 Group operating profit (€m)

2024

8,687.5

 Group operating profit (€m)

2025

8,891.9
Change/Y-1  Change/Y-1 

2021

+18.3%		 Change/Y-1 

2022

+21.0%		 Change/Y-1 

2023

+9.2%		 Change/Y-1 

2024

+6.7%		 Change/Y-1 

2025

+2.4%
  1. The remuneration of Nicolas Hieronimus, Chief Executive Officer from 1 May 2021, comprises a fixed remuneration component expressed on an annual basis and a performance share grant. For the record, no annual variable remuneration was paid to Nicolas Hieronimus in 2021, as his position of Corporate Officer took effect on 1 May 2021.
  2. Nicolas Hieronimus' annual remuneration consists of fixed remuneration, variable remuneration paid in April year Y for financial year Y-1 (expressed on an annual basis for 2022), and a performance share grant.
  3. The remuneration of Jean-Paul Agon, Chairman of the Board from 1 May 2021, comprises a fixed remuneration component expressed on an annual basis.
  4. Given the changes to L'Oréal's organisational structure in France (the transfer in 2023 and 2024 of certain L'Oréal SA activities to subsidies), a proportion of the L'Oréal SA workforce has been transferred to new entities, making the comparison of median and average remuneration for 2022/2023 and 2023/2024 non-meaningful.