2025 Universal Registration Document

4.1.3.2 Importance of continuous stakeholder dialogue

As part of a continuous improvement approach, L'Oréal places great emphasis on dialogue with its stakeholders and, wherever possible, strives to incorporate their expectations, interests and points of view into its strategy.

To that end, the Group has developed specific methods of interaction, designed to be both efficient and adapted to each player. This dialogue has intensified over the years. Since 2013, thanks to the Sharing Beauty With All sustainability programme, stakeholders have played a key role in helping to define and follow up on the Group's targets. In 2019, seven groups of internal experts contributed to creating the L'Oréal for the Future programme for 2030. They carried out independent studies and worked with external partners and civil society to set goals aimed at reducing L'Oréal's impacts while amplifying the Group's positive contribution to its ecosystem as a whole.

In preparation for the implementation of the CSRD, in 2024, L'Oréal updated its double materiality assessment, a strategic exercise conducted with its stakeholders. More than 45 external partners – investors, NGOs, distributor customers, industry bodies and suppliers – and numerous internal experts took part in targeted interviews. These discussions were an opportunity to confirm findings, provide new perspectives and identify areas for improvement, which were then incorporated into the final analysis.

Based on the results of this materiality assessment and on advances in scientific knowledge, the Group conducted a strategic review of the L'Oréal for the Future programme in mid-2025. This proactive approach enabled the Group to realign certain objectives within an updated roadmap, which was approved by General Management, presented to the Board of Directors, and communicated to shareholders at the Annual General Meeting in April 2025.

For L'Oréal, maintaining regular, constructive relationships with its stakeholders is essential. This dialogue informs L'Oréal's strategy, keeps its efforts focused and contributes to creating shared value, which benefits both the company and its ecosystem.