| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Euro (EUR) | Euro (EUR) 31.12.2025 8,059.2 |
Euro (EUR) 31.12.2024 6,077.5 |
Euro (EUR) 31.12.2023 6,550.6 |
| US Dollar (USD) | US Dollar (USD) 31.12.2025 853.4 |
US Dollar (USD) 31.12.2024 28.5 |
US Dollar (USD) 31.12.2023 12.8 |
| Korean Won (KRW) | Korean Won (KRW) 31.12.2025 461.1 |
Korean Won (KRW) 31.12.2024 74.0 |
Korean Won (KRW) 31.12.2023 105.7 |
| Pound sterling (GBP) | Pound sterling (GBP) 31.12.2025 325.3 |
Pound sterling (GBP) 31.12.2024 — |
Pound sterling (GBP) 31.12.2023 — |
| Chinese Yuan (CNY) | Chinese Yuan (CNY) 31.12.2025 179.9 |
Chinese Yuan (CNY) 31.12.2024 204.4 |
Chinese Yuan (CNY) 31.12.2023 — |
| Colombian Peso (COP) | Colombian Peso (COP) 31.12.2025 64.5 |
Colombian Peso (COP) 31.12.2024 19.4 |
Colombian Peso (COP) 31.12.2023 55.0 |
| Chilean Peso (CLP) | Chilean Peso (CLP) 31.12.2025 40.7 |
Chilean Peso (CLP) 31.12.2024 31.0 |
Chilean Peso (CLP) 31.12.2023 15.0 |
| Indonesian Rupiah (IDR) | Indonesian Rupiah (IDR) 31.12.2025 21.5 |
Indonesian Rupiah (IDR) 31.12.2024 8.9 |
Indonesian Rupiah (IDR) 31.12.2023 4.0 |
| Turkish Lira (TRY) | Turkish Lira (TRY) 31.12.2025 16.3 |
Turkish Lira (TRY) 31.12.2024 22.4 |
Turkish Lira (TRY) 31.12.2023 30.0 |
| Peruvian Sol (PEN) | Peruvian Sol (PEN) 31.12.2025 15.2 |
Peruvian Sol (PEN) 31.12.2024 14.1 |
Peruvian Sol (PEN) 31.12.2023 11.4 |
| South African Rand (ZAR) | South African Rand (ZAR) 31.12.2025 14.2 |
South African Rand (ZAR) 31.12.2024 7.6 |
South African Rand (ZAR) 31.12.2023 7.2 |
| Other | Other 31.12.2025 67.3 |
Other 31.12.2024 80.6 |
Other 31.12.2023 46.4 |
| TOTAL | TOTAL 31.12.2025 10,118.6 |
TOTAL 31.12.2024 6,568.4 |
TOTAL 31.12.2023 6,838.1 |
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Floating rate | Floating rate 31.12.2025 1,089.4 |
Floating rate 31.12.2024 82.3 |
Floating rate 31.12.2023 821.5 |
| Fixed rate including lease debts | Fixed rate including lease debts 31.12.2025 10,826.6 |
Fixed rate including lease debts 31.12.2024 8,412.7 |
Fixed rate including lease debts 31.12.2023 7,870.6 |
| TOTAL | TOTAL 31.12.2025 11,916.0 |
TOTAL 31.12.2024 8,495.0 |
TOTAL 31.12.2023 8,692.1 |
At the end of 2025 as at the end of 2024 and 2023, the negotiable securities at closing have been fully repaid.
The effective interest rate on bonds issued by the Group amounts to 2.84% in 2025.
There is no medium-term bank loan at 31 December 2025 as at 31 December 2024 and 31 December 2023.
Average debt interest rates after allowing for hedging instruments break down as follows:
| 31.12.2025 | 31.12.2024 | 31.12.2023 | |
|---|---|---|---|
| Euro (EUR) | Euro (EUR) 31.12.2025 2.75% |
Euro (EUR) 31.12.2024 2.66% |
Euro (EUR) 31.12.2023 2.09% |
| US dollar (USD) | US dollar (USD) 31.12.2025 3.67% |
US dollar (USD) 31.12.2024 3.39% |
US dollar (USD) 31.12.2023 3.58% |
The fair value of fixed-rate debt is determined for each loan by discounting future cash flows, based on bond yield curves at the balance sheet date, after allowing for the spread corresponding to the Group’s risk rating.
The net carrying amount of outstanding bank loans and other floating-rate loans is a reasonable approximation of their fair value.
The fair value of borrowings and debt excluding IFRS 16 amounted to €10,118.6 million at 31 December 2025 compared with €6,568.4 million at 31 December 2024 and €6,838.1 million at 31 December 2023.
No debt was covered by material amounts of collateral at 31 December 2025, 2024 and 2023.
At 31 December 2025, L’Oréal and its subsidiaries had €11,000 million of confirmed undrawn credit lines compared with €5,000.0 million at 31 December 2024 and 31 December 2023.
The maturities of the credit lines at 31 December 2025 are broken down as follows:
