2025 Universal Registration Document

5. 2025 Consolidated Financial Statements

Goodwill is allocated by Cash Generating Units or by groups of Cash Generating Units. A Cash Generating Unit (CGU) corresponds to one or more worldwide brands.

€ millions 

2025

31.12.2024 Change in the scope of consolidation Other movements Translation difference 31.12.2025
Redken/PureOlogy

Redken/PureOlogy

31.12.2024

736.5

Redken/PureOlogy

Change in the scope of consolidation

15.8

Redken/PureOlogy

Other movements

 

Redken/PureOlogy

Translation difference

(63.2)

Redken/PureOlogy

31.12.2025

689.1

L'Oréal Professionnel/Kérastase

L'Oréal Professionnel/Kérastase

31.12.2024

449.7

L'Oréal Professionnel/Kérastase

Change in the scope of consolidation

 

L'Oréal Professionnel/Kérastase

Other movements

 

L'Oréal Professionnel/Kérastase

Translation difference

(24.3)

L'Oréal Professionnel/Kérastase

31.12.2025

425.5

Matrix

Matrix

31.12.2024

438.9

Matrix

Change in the scope of consolidation

 

Matrix

Other movements

 

Matrix

Translation difference

(45.2)

Matrix

31.12.2025

393.7

Color Wow(4)

Color Wow

(4)

31.12.2024

Color Wow

(4)

Change in the scope of consolidation

961.3

Color Wow

(4)

Other movements

 

Color Wow

(4)

Translation difference

0.7

Color Wow

(4)

31.12.2025

962.0

Professional Products Total Professional Products Total

31.12.2024

1,625.1
Professional Products Total

Change in the scope of consolidation

977.0
Professional Products Total

Other movements

Professional Products Total

Translation difference

(131.9)
Professional Products Total

31.12.2025

2,470.2
Maybelline and other Makeup brands(1)

Maybelline and other Makeup brands

(1)

31.12.2024

1,828.0

Maybelline and other Makeup brands

(1)

Change in the scope of consolidation

Maybelline and other Makeup brands

(1)

Other movements

2.0

Maybelline and other Makeup brands

(1)

Translation difference

(123.1)

Maybelline and other Makeup brands

(1)

31.12.2025

1,706.9

L'Oréal Paris and other Premium brands(2)

L'Oréal Paris and other Premium brands

(2)

31.12.2024

1,209.4

L'Oréal Paris and other Premium brands

(2)

Change in the scope of consolidation

288.2

L'Oréal Paris and other Premium brands

(2)

Other movements

2.7

L'Oréal Paris and other Premium brands

(2)

Translation difference

(59.3)

L'Oréal Paris and other Premium brands

(2)

31.12.2025

1,441.1

Garnier and other Access brands(3)

Garnier and other Access brands

(3)

31.12.2024

888.0

Garnier and other Access brands

(3)

Change in the scope of consolidation

(37.2)

Garnier and other Access brands

(3)

Other movements

2.6

Garnier and other Access brands

(3)

Translation difference

(42.9)

Garnier and other Access brands

(3)

31.12.2025

810.5

Consumer Products Total Consumer Products Total

31.12.2024

3,925.4
Consumer Products Total

Change in the scope of consolidation

251.0
Consumer Products Total

Other movements

7.3
Consumer Products Total

Translation difference

(225.3)
Consumer Products Total

31.12.2025

3,958.4
Retail Skincare

Retail Skincare

31.12.2024

1,803.3

Retail Skincare

Change in the scope of consolidation

 

Retail Skincare

Other movements

 

Retail Skincare

Translation difference

(85.4)

Retail Skincare

31.12.2025

1,717.9

Perfumes

Perfumes

31.12.2024

1,473.8

Perfumes

Change in the scope of consolidation

 

Perfumes

Other movements

 

Perfumes

Translation difference

(2.9)

Perfumes

31.12.2025

1,470.9

Lancôme

Lancôme

31.12.2024

855.3

Lancôme

Change in the scope of consolidation

 

Lancôme

Other movements

 

Lancôme

Translation difference

(8.0)

Lancôme

31.12.2025

847.4

Skincare

Skincare

31.12.2024

630.2

Skincare

Change in the scope of consolidation

 

Skincare

Other movements

 

Skincare

Translation difference

(33.4)

Skincare

31.12.2025

596.8

Makeup

Makeup

31.12.2024

564.2

Makeup

Change in the scope of consolidation

 

Makeup

Other movements

 

Makeup

Translation difference

(48.3)

Makeup

31.12.2025

515.9

YSL Beauté

YSL Beauté

31.12.2024

536.7

YSL Beauté

Change in the scope of consolidation

 

YSL Beauté

Other movements

 

YSL Beauté

Translation difference

(0.8)

YSL Beauté

31.12.2025

535.8

Medik8(4)

Medik8

(4)

31.12.2024

Medik8

(4)

Change in the scope of consolidation

511.9

Medik8

(4)

Other movements

 

Medik8

(4)

Translation difference

(3.7)

Medik8

(4)

31.12.2025

508.3

Luxe Total Luxe Total

31.12.2024

5,863.4
Luxe Total

Change in the scope of consolidation

511.9
Luxe Total

Other movements

Luxe Total

Translation difference

(182.4)
Luxe Total

31.12.2025

6,192.9
SkinCeuticals/Skinbetter Science

SkinCeuticals/Skinbetter Science

31.12.2024

794.6

SkinCeuticals/Skinbetter Science

Change in the scope of consolidation

 

SkinCeuticals/Skinbetter Science

Other movements

(1.4)

SkinCeuticals/Skinbetter Science

Translation difference

(60.2)

SkinCeuticals/Skinbetter Science

31.12.2025

733.0

CeraVe

CeraVe

31.12.2024

660.7

CeraVe

Change in the scope of consolidation

 

CeraVe

Other movements

 

CeraVe

Translation difference

(38.9)

CeraVe

31.12.2025

621.8

Vichy

Vichy

31.12.2024

328.7

Vichy

Change in the scope of consolidation

 

Vichy

Other movements

 

Vichy

Translation difference

(11.7)

Vichy

31.12.2025

317.1

La Roche-Posay

La Roche-Posay

31.12.2024

184.0

La Roche-Posay

Change in the scope of consolidation

 

La Roche-Posay

Other movements

 

La Roche-Posay

Translation difference

(7.7)

La Roche-Posay

31.12.2025

176.2

Dermatological Beauty Total Dermatological Beauty Total

31.12.2024

1,968.1
Dermatological Beauty Total

Change in the scope of consolidation

Dermatological Beauty Total

Other movements

(1.4)
Dermatological Beauty Total

Translation difference

(118.5)
Dermatological Beauty Total

31.12.2025

1,848.2
GROUP TOTAL

GROUP TOTAL

31.12.2024

13,382.0

GROUP TOTAL

Change in the scope of consolidation

1,740.0

GROUP TOTAL

Other movements

5.9

GROUP TOTAL

Translation difference

(658.2)

GROUP TOTAL

31.12.2025

14,469.7

The Consumer Products division Cash Generation Units have been reallocated in connection with the finalization of its new global operating model, which is based on a multi-brand resource-sharing approach. Data from 2024 and prior years has been restated to reflect this new organization.

2025 acquisitions mainly relate to Color Wow for €961.3 million (purchase price allocation not yet finalised), Medik8 for €511.9 million (purchase price allocation not yet finalised) and Dr.G for €288.2 million.

The accumulated impairment losses related Makeup CGU (IT Cosmetics), Garnier and other Access brands (Multicultural Brands and Magic) and Lancôme (Yue Sai) amounted to -€492.6 million, -€296.5 million and -€29.6 million respectively at 31 December 2025.