New issues during the financial year
On 13 May 2025, the Group placed a bond issue on the American bond market for a total principal amount of $1 billion, with a 10-year maturity and a coupon of 5.00 % per year.
The bond issue was carried out for the general needs of the Group; this transaction strengthens the Group's liquidity profile.
The L'Oréal Groupe successfully completed the placement of a bond issue with a total nominal amount of €3 billion on 12 November 2025, comprising three tranches:
- a €850 million tranche with a 2-year maturity with a floating-rate coupon of Euribor 3M + 20 basis points per year;
- a €1,000 million tranche with a 5-year maturity with a fixed-rate coupon of 2.750% per year;
- a €1,150 million tranche with a 10-year maturity, with a fixed-rate coupon of 3.375% per year.
The bonds, which are rated AA (Stable) by S&P and Aa1 (Stable) by Moody's, have been admitted to trading on Euronext Paris from 19 November 2025, settlement-delivery date.
The net proceeds from the bonds will be used for the Group's general purposes, including to partially finance the acquisition of Kering Beauté.
9.1.3 Change in debt
| “Non-cash” changes | |||||||
|---|---|---|---|---|---|---|---|
| € millions | 31.12.2024 | Cash-flows | Changes in the scope of consolidation | Translation adjustments | Changes in fair value |
Other (1) |
31.12.2025 |
| Short-term marketable instruments | — | — | — | — | — | — | — |
| MLT bank loans | — | — | — | — | — | — | — |
| Lease debt | 1,926.6 | (453.6) | 24.4 | (120.6) | — | 420.6 | 1,797.4 |
| Overdrafts and cash pooling | 36.3 | (56.1) | — | 60.2 | — | 13.6 | 54.0 |
| Other borrowings and debt | 472.8 | 525.5 | 325.3 | (130.9) | — | (21.4) | 1,171.3 |
| Bonds | 6,059.2 | 2,876.5 | — | (42.5) | — | — | 8,893.2 |
| TOTAL | 8,495.0 | 2,892.3 | 349.7 | (233.8) | — | 412.8 | 11,916.0 |
This diagram presents a waterfall chart illustrating the change in net financial debt between 01.01.2025 and 31.12.2025, in € millions.
Values by movement:
Debt at 01.01.2025: €8,495m
Cash flows: +€2,892m
Non-cash changes:
Changes in scope: +€350m
Translation adjustments: -€234m
Other: +€413m
Debt at 31.12.2025: €11,916m
9.1.4 Debt by maturity date
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Less than 1 year(1) |
Less than 1 year (1)31.12.2025 2,483.4 |
Less than 1 year (1)31.12.2024 1,849.9 |
Less than 1 year (1)31.12.2023 2,551.3 |
| 1 to 5 years |
1 to 5 years 31.12.2025 6,544.0 |
1 to 5 years 31.12.2024 5,627.4 |
1 to 5 years 31.12.2023 5,022.1 |
| More than 5 years |
More than 5 years 31.12.2025 2,888.5 |
More than 5 years 31.12.2024 1,017.7 |
More than 5 years 31.12.2023 1,118.6 |
| TOTAL |
TOTAL 31.12.2025 11,916.0 |
TOTAL 31.12.2024 8,495.0 |
TOTAL 31.12.2023 8,692.1 |
These estimates are computed on the basis of the effective interest rate at the end of the financial year, after allowing for hedging instruments and assuming that no debt is rolled over at maturity.
The value recognized in the balance sheet does not show any significant difference with the nominal value of the loans (note 9.1.2).