2025 Universal Registration Document

In 2025, we reinforced our global leadership, once again demonstrating the resilience and agility of our company. With solid like-for-like growth of +4%, L’Oréal accelerated quarter after quarter and delivered, together with improved margins. L’Oréal outperformed a dynamic beauty market and stayed well ahead of the majority of its large, listed peers.

I would particularly like to highlight the significant acceleration in our two largest markets, the US and China, and the continued dynamism of emerging markets, which although accounting for only 17% of sales, delivered 40% of our total sales growth.

Beyond our financial results, 2025 was a year of deep transformation, with record investments in building our future growth engines:

A record investment in tech and artificial intelligence (AI): 2025 saw a record investment in tech to leverage L’Oréal’s scale with even greater agility. AI is at the core of L’Oréal’s new playbook, driving value for our consumers, our functions, our employees and our company.

A record year for innovation: growth in 2025 was fuelled by our “beauty stimulus plan”.This year we filed 725 patents, our largest number ever, promising more disruptive innovations to come. And L’Oréal was recognised by Fortune as the “Most Innovative Company” in Europe across all sectors.

A record year for M&A: we strengthened our position by filling strategic gaps in our portfolio with the acquisition of Dr.G, Medik8 and Color Wow. We further cemented our luxury leadership with Jacquemus and Kering Beauté, and we are opening additional growth opportunities in fast-growing beauty adjacencies through our longevity joint venture with Kering and increased participation in Galderma.

Looking ahead, we are ready to surf on the underlying trends boosting our market - from the growth of the middle class in emerging markets and the acceleration of e-commerce, to the increasing sophistication of beauty protocols. Thanks to our multi-division strategy, we are uniquely positioned to win across every category and region and leverage our innovation capabilities to capture new opportunities and expand our boundaries.

L’Oréal is entering 2026 stronger than ever. Our success remains rooted in our unique culture and the passion of our teams. Together, we are ready to accelerate our growth and continue leading the beauty industry into a bright and exciting future.