2025 Universal Registration Document

As L'Oréal is a worldwide group of over 95,000 employees, which operates in 75 countries and across approximately 320 sites (excluding stores and distributor points of sale), it cannot be immune to potential breaches of its ethical commitments (Code of Ethics based on the four Ethical Principles of Integrity, Respect, Courage and Transparency, its Human Rights Policy, support of the United Nations Global Compact and the United Nations Sustainable Development Goals, etc.), whether directly by its employees, or indirectly because of the activities of its partners, particularly its suppliers and subcontractors. In addition, civil society is expressing higher expectations with regard to companies' integrity and transparency and the way they manage scientific and technological innovations. These expectations may, for example, relate to the responsible use of artificial intelligence. The use of artificial intelligence raises ethical concerns, particularly in terms of algorithmic bias, transparency, explainability and respecting intellectual property, confidentiality and privacy. Failures to comply with ethical commitments or the lack of a response to new ethical questions could have an adverse impact on the Group's reputation and expose it to criminal or administrative sanctions.

The Group's policies on sustainability, social and societal responsibility, compliance and corporate philanthropy are based on the Ethical Principles. The role and the resources assigned to the Chief Ethics Officer set him up for success in his work, to which end he may call on all the Group's teams and resources (see section 3.2.1). Specific training for management teams, regular dialogue with stakeholders and the establishment of internal working groups underpin the inclusion of Ethics in the Group's new policies and strategic decisions. The ethical risks are mapped and regularly updated, including for suppliers and subcontractors (see section 3.6.5.2). The roll-out of the Code of Ethics and supplementary specific policies throughout the Group, mandatory specific e-learning and continuous communication campaigns via an Ethics Day ensure that employees are aware of the ethical standards. A network of 80 Ethics Correspondents around the world and regular contact between the Chief Ethics Officer and the Countries ensure close relationships with employees.

Compliance with the Code of Ethics is taken into account each year when evaluating the overall performance of employees. Potential breaches are identified and managed through regular audits of the Group's sites and those of its suppliers and subcontractors (see section 3.6), the Group's whistleblowing line, Speak Up (www.lorealspeakup.com), which was launched in 2018 and is accessible to all Group stakeholders, together with a procedure for collecting and processing reports, that enables the identification and management of any potential breaches. The Group has also established an anti-retaliation policy for whistleblowers to help promote the Group's ethical culture and encourage employees and external stakeholders to report ethical concerns. In line with international standards and its own Ethical Principles, L'Oréal established a Responsible Framework for Trustworthy AI, which was incorporated into the 2023 update of the Group's Code of Ethics. Ethical considerations are built into the “GenAI For All” training (over 65,000 employees trained as of 31 December 2025) and are also the subject of the specific Trustworthy AI training targeting employees in the Data & Tech business lines (80% had completed this training as of 31 December 2025). The Group has made available a secure internal Generative AI platform that enables all employees to safely experiment with GenAI in their daily tasks.