L’Oréal S.A. is a French company, with its head office in France. It acts as a holding company and provides strategic coordination, particularly for brands, as well as R&I and Tech coordination for the L’Oréal Groupe throughout the world. At the same time, it performed a sales activity until this activity was subsidiarised on 1 July 2023 to the companies L’Oréal France and L’Oréal International Distribution, as approved by the Annual General Meeting of 21 April 2023 in its 19th and 20th resolutions.
The subsidiaries operate the Group’s business activities in the countries or region(s) in which they are located, on the domestic or the export markets. To do so, they define the development strategy specific to their market(s), make the most suitable choices in terms of consumer targets and distribution channels, and manufacture, directly or indirectly, and market the brands they decide to sell on their market(s).
Almost all of the subsidiaries are owned by L’Oréal S.A. which has a holding or control percentage equal or close to 100%.
The financial statements set out in this chapter present the results of the L’Oréal Groupe as a whole, including all subsidiaries. The Statutory Auditors' report on the consolidated financial statements can be found at the end of this chapter.
| € millions | Notes | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Net sales | Net sales Notes 3.1 |
Net sales 2025 44,052.0 |
Net sales 2024 43,486.8 |
Net sales 2023 41,182.5 |
| Cost of sales | Cost of sales Notes
|
Cost of sales 2025 (11,313.4) |
Cost of sales 2024 (11,227.0) |
Cost of sales 2023 (10,767.0) |
| Gross profit | Gross profit Notes
|
Gross profit 2025 32,738.6 |
Gross profit 2024 32,259.8 |
Gross profit 2023 30,415.5 |
| Research & Innovation expenses | Research & Innovation expenses Notes
|
Research & Innovation expenses 2025 (1,380.6) |
Research & Innovation expenses 2024 (1,354.7) |
Research & Innovation expenses 2023 (1,288.9) |
| Advertising and promotion expenses | Advertising and promotion expenses Notes
|
Advertising and promotion expenses 2025 (14,177.8) |
Advertising and promotion expenses 2024 (14,008.9) |
Advertising and promotion expenses 2023 (13,356.6) |
| Selling, general and administrative expenses | Selling, general and administrative expenses Notes
|
Selling, general and administrative expenses 2025 (8,288.3) |
Selling, general and administrative expenses 2024 (8,208.7) |
Selling, general and administrative expenses 2023 (7,626.7) |
| Operating profit | Operating profit Notes 3.1 |
Operating profit 2025 8,891.9 |
Operating profit 2024 8,687.5 |
Operating profit 2023 8,143.3 |
| Other income and expenses | Other income and expenses Notes 4 |
Other income and expenses 2025 (505.4) |
Other income and expenses 2024 (437.7) |
Other income and expenses 2023 (449.9) |
| Operational profit | Operational profit Notes
|
Operational profit 2025 8,386.5 |
Operational profit 2024 8,249.8 |
Operational profit 2023 7,693.4 |
| Finance costs on gross debt | Finance costs on gross debt Notes
|
Finance costs on gross debt 2025 (365.8) |
Finance costs on gross debt 2024 (373.4) |
Finance costs on gross debt 2023 (226.7) |
| Finance income on cash and cash equivalents | Finance income on cash and cash equivalents Notes
|
Finance income on cash and cash equivalents 2025 167.7 |
Finance income on cash and cash equivalents 2024 148.7 |
Finance income on cash and cash equivalents 2023 162.1 |
| Finance costs on net debt | Finance costs on net debt Notes
|
Finance costs on net debt 2025 (198.1) |
Finance costs on net debt 2024 (224.7) |
Finance costs on net debt 2023 (64.6) |
| Other financial income and expenses | Other financial income and expenses Notes 9.4 |
Other financial income and expenses 2025 (38.0) |
Other financial income and expenses 2024 (39.8) |
Other financial income and expenses 2023 (51.5) |
| Dividends received | Dividends received Notes
|
Dividends received 2025 351.9 |
Dividends received 2024 447.6 |
Dividends received 2023 423.6 |
| Profit before tax and associates | Profit before tax and associates Notes
|
Profit before tax and associates 2025 8,502.2 |
Profit before tax and associates 2024 8,432.9 |
Profit before tax and associates 2023 8,001.0 |
| Income tax | Income tax Notes 6 |
Income tax 2025 (2,363.1) |
Income tax 2024 (2,015.1) |
Income tax 2023 (1,810.6) |
| Share of profit in associates | Share of profit in associates Notes
|
Share of profit in associates 2025 (5.5) |
Share of profit in associates 2024 (1.3) |
Share of profit in associates 2023 0.2 |
| Net profit | Net profit Notes
|
Net profit 2025 6,133.7 |
Net profit 2024 6,416.5 |
Net profit 2023 6,190.5 |
| Attributable to: | Attributable to: Notes
|
Attributable to: 2025
|
Attributable to: 2024
|
Attributable to: 2023
|
| owners of the Company | owners of the Company Notes
|
owners of the Company 2025 6,127.2 |
owners of the Company 2024 6,408.7 |
owners of the Company 2023 6,184.0 |
| non-controlling interests | non-controlling interests Notes
|
non-controlling interests 2025 6.5 |
non-controlling interests 2024 7.8 |
non-controlling interests 2023 6.5 |
| Earnings per share attributable to owners of the Company (euros) | Earnings per share attributable to owners of the Company (euros) Notes 11.4 |
Earnings per share attributable to owners of the Company (euros) 2025 11.48 |
Earnings per share attributable to owners of the Company (euros) 2024 11.99 |
Earnings per share attributable to owners of the Company (euros) 2023 11.55 |
| Diluted earnings per share attributable to owners of the Company (euros) | Diluted earnings per share attributable to owners of the Company (euros) Notes 11.4 |
Diluted earnings per share attributable to owners of the Company (euros) 2025 11.44 |
Diluted earnings per share attributable to owners of the Company (euros) 2024 11.95 |
Diluted earnings per share attributable to owners of the Company (euros) 2023 11.52 |
| Earnings per share attributable to owners of the Company, excluding non-recurring items (euros) | Earnings per share attributable to owners of the Company, excluding non-recurringitems (euros) Notes 11.4 |
Earnings per share attributable to owners of the Company, excluding non-recurringitems (euros) 2025 12.75 |
Earnings per share attributable to owners of the Company, excluding non-recurringitems (euros) 2024 12.70 |
Earnings per share attributable to owners of the Company, excluding non-recurringitems (euros) 2023 12.11 |
| Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros) | Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros) Notes 11.4 |
Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros) 2025 12.71 |
Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros) 2024 12.66 |
Diluted earnings per share attributable to owners of the Company, excluding non-recurring items (euros) 2023 12.08 |
