As in the period 2021 to 2024, the Group did not identify any eligible turnover within the meaning of European Taxonomy for 2025.
In accordance with Delegated Regulation (EU) 2026/73, the OpEx denominator required by the Taxonomy is made up mainly of research and development expenditure, short-term rental costs, maintenance costs and operating costs relating to the management of property assets and buildings. These expenditure categories represent a limited proportion of the Group's overall operating expenses, amounting to less than 5% of consolidated OpEx. Given the structure of the Group's business model and the insignificant nature of these expenses within its overall operating costs, OpEx as defined by the Taxonomy is considered to be non-material to the Group's business model. Pursuant to the possible exemption provided for in the same delegated regulation (EU) 2026/73, when OpEx is deemed to be non-material, the Group has not assessed the eligibility and alignment of the OpEx numerator and declares it to be zero for the 2025 financial year.
Therefore, only the eligibility and alignment of L’Oréal’s investments (CapEx) in the property sector, which falls under activity 7.7, were assessed, and the amounts are detailed in Table 1.
To ensure consistency with the Group's financial data, the following table shows the reconciliation between the denominator of capital expenditure (CapEx) used for taxonomic reporting and the corresponding aggregates in the consolidated financial statements:
| € millions | 2024 | 2025 | Reconciliation with the financial statements |
|---|---|---|---|
| Intangible assets | Intangible assets 2024 437.1 |
Intangible assets 2025 931.6 |
Intangible assets Reconciliation with the financial statements Variations in intangible assets tables (note 7.2) |
| of which acquisitions | of which acquisitions 2024 384.2 |
of which acquisitions 2025 343.6 |
of which acquisitions Reconciliation with the financial statements “Acquisitions/charges” column |
| of which business combinations | of which business combinations 2024 43.0 |
of which business combinations 2025 585.4 |
of which business combinations Reconciliation with the financial statements Included in the “Changes in the scope of consolidation” column |
| of which allocation of goodwill to the brand | of which allocation of goodwill to the brand 2024 9.9 |
of which allocation of goodwill to the brand 2025 2.7 |
of which allocation of goodwill to the brand Reconciliation with the financial statements Included in the "Other movements" column |
| Property, plant and equipment | Property, plant and equipment 2024 1,277.2 |
Property, plant and equipment 2025 1,171.0 |
Property, plant and equipment Reconciliation with the financial statements Changes in property, plant and equipment tables (note 3.2.2) |
| of which acquisitions | of which acquisitions 2024 1,276.3 |
of which acquisitions 2025 1,158.7 |
of which acquisitions Reconciliation with the financial statements “Acquisitions/charges” column |
| of which business combinations | of which business combinations 2024 0.9 |
of which business combinations 2025 12.4 |
of which business combinations Reconciliation with the financial statements Included in the “Other movements” column |
| Right of use (IFRS 16) | Right of use (IFRS 16) 2024 508.4 |
Right of use (IFRS 16) 2025 480.5 |
Right of use (IFRS 16) Reconciliation with the financial statements Right of use table (note 3.2.3) |
| of which new and renewed leases | of which new and renewed leases 2024 505.6 |
of which new and renewed leases 2025 455.3 |
of which new and renewed leases Reconciliation with the financial statements
|
| of which business combinations | of which business combinations 2024 2.8 |
of which business combinations 2025 25.2 |
of which business combinations Reconciliation with the financial statements
|
| TOTAL ACQUISITIONS | TOTAL ACQUISITIONS 2024 2,222.6 |
TOTAL ACQUISITIONS 2025 2,583.2 |
TOTAL ACQUISITIONS Reconciliation with the financial statements
|
In addition, the activities in the Taxonomy considered to be non-material and whose eligibility and alignment are therefore not assessed, concern certain equipment and facilities belonging to the L'Oréal for the Future programme, located in operational and administrative sites, and which contributie to climate change mitigation or adaptation (CCM or CCA) or to circular economy (CE) objectives. These include activities previously reported under the categories CCM 7.2 (Renovation of existing buildings), CCA 14.2 (Flood risk prevention and protection infrastructure), CCM 7.3 and 7.5 (Installation, maintenance and repair of energy efficiency equipment and of instruments and devices for measuring, regulating and controlling the energy performance of buildings), and CE 2.2 (Production of alternative water resources). Similarly, activity 6.5 (Transport by Motorbikes, passenger cars and light commercial vehicles) has also been excluded from the scope of analysis, as its impact is deemed to be non-material at Group level.
The non-materiality of all these activities is established insofar as the total associated capital expenditure (CapEx) does not exceed 10% of the total (i.e., 2% in 2025).
