| Breakdown by environmental objectives of Taxonomy-aligned activities | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Economic activities (2025) |
Code |
Taxonomy-eligible KPI (proportion of Taxonomy-eligible turnover/CapEx/ OpEx) |
Taxonomy-aligned KPI (monetary value of sales/ CapEx/OpEx) in millions of euros |
Taxonomy-aligned KPI (proportion of Taxonomy-aligned turnover/CapEx/ OpEx) |
Climate change mitigation |
Climate change adaptation |
Water |
Circular economy |
Pollution |
Biodiversity |
Enabling activity |
Transitional activity |
Proportion of Taxonomy aligned in Taxonomy eligible |
|
| Acquisition and ownership of buildings | 7.7 | 16% | 5 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1% | |
| Sum of alignment per objective | 0% | 0% | 0% | 0% | 0% | 0% | ||||||||
| CapEx KPI | 16% | 5 | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||
In accordance with the Regulation, activity 7.7 “Acquisition and ownership of buildings” is now the only activity to exceed the new 10% materiality threshold and therefore subject to analysis of eligibility and alignment for L’Oréal. The precise amounts and percentages of eligible and aligned investments for 2025 under this activity are shown in template 2.
In 2025, Taxonomy-eligible CapEx amounted to €420 million, representing 16% of total acquisitions amounting to €2,583 million. By comparison, in 2024, Taxonomy-eligible CapEx amounted to €493 million, representing 22% of eligible CapEx out of a total of €2,223 million. This change is explained by sustained growth in the overall volume of the Group's acquisitions, creating a base effect that mechanically dilutes the relative share of eligible assets in the denominator. In addition, 2025 will form part of a cycle of more moderate expenditure in the scope of activity 7.7 "Acquisition and ownership of buildings", after 2024 was marked by scaled commitments in the development and deployment of our real estate infrastructures.
With regard to the aligned portion, the reduction observed for 2025 does not reflect a weakening of our property due diligence. Rather, it is mainly attributable to the inclusion of new building leases capitalised under IFRS 16 in Asia-Pacific, which account for almost half of these leases. Although local sustainability standards in this region are effective and constantly improving, alignment with the strict European Taxonomy technical criteria remains complex due especially to the absence of harmonised standards such as energy performance certificates, and to diverging definitions.
