2025 Universal Registration Document

9.2 Cash and cash equivalents

Cash and cash equivalents
	31.12.2025		31.12.2024		31.12.2023
€ millions	Carrying	Acquisition	Carrying	Acquisition	Carrying	Acquisition
Marketable securities	4,986.4	4,971.1	1,829.3	1,823.6	624.1	622.7
Bank accounts and other cash and cash equivalents⁽¹⁾	4,878.7	4,879.9	2,223.0	2,224.4	3,664.0	3,664.2
TOTAL	9,865.0	9,851.1	4,052.3	4,048.0	4,288.1	4,286.9

Marketable securities consist mainly of SICAV money-market funds and unit trusts (on which the return is based on €STR). They are considered as financial assets at fair value through profit or loss.

Term accounts with a maturity of less than three months at inception are shown on the Bank accounts and other cash and cash equivalents line.

9.3 Non-current financial assets

Non-current financial assets
	31.12.2025		31.12.2024		31.12.2023
€ millions	Carrying amount	Acquisition cost	Carrying amount	Acquisition cost	Carrying amount	Acquisition cost
INVESTMENTS IN NON-CONSOLIDATED COMPANIES
Sanofi⁽¹⁾	7,334.8	3,025.2	11,082.6	4,033.5	10,612.1	4,033.5
Galderma⁽²⁾	4,145.5	1,812.9	2,550.0	1,812.9	—	—
Other listed securities⁽³⁾	22.2	103.4	23.2	103.4	60.9	103.3
Unlisted securities⁽⁴⁾	639.8	642.8	554.9	552.2	458.3	437.8
FINANCIAL ASSETS AT AMORTISED COST
Non-current loans and receivables	184.1	188.6	156.0	159.4	171.0	175.0
Surplus funds for pension scheme commitments held in assets	540.8		471.3		329.4
TOTAL	12,867.3	5,772.9	14,838.1	6,661.4	11,631.6	4,749.6

L’Oréal’s stake in Sanofi was 7.27% at 31 December 2025. The carrying amount (€7,334.8 million) at 31 December 2025 corresponds to the market value of the shares based on the closing price at that date (€82.72) representing a decrease of €747.8 million on the shares held. The sale of Sanofi shares resulted in a decrease in the value of the shares by €3,000 million. The revaluation of the shares sold at the date of sale amounted to €229.4 million. The acquisition cost of €3,025.2 million for the shares not sold corresponds to an initial cost of €34.12. The investment is measured at fair value through other comprehensive income.
L'Oréal's stake in Galderma was 10.0% at 31 December 2025. The carrying amount at 31 December 2025 (€4,145.5 million) corresponds to the market value of the shares based on the closing price at this date (CHF 162.10 equivalent €174.25). The acquisition cost of €1,812.9 million (including acquisition fees) corresponds to an entry cost of CHF 71.11 (equivalent €75.60). The investment is measured at fair value through other comprehensive income.
This heading includes listed securities of biotechnology start-ups as well as Euroapi shares).
This heading mainly includes:
- - the minority stake in Jacquemus for €103.2 million;
- - the securities of Chando acquired in 2024 for €58.4 million;
- - other investments in start-ups and other investment funds.

9.4 Other financial income and expenses

This item is broken down as follows:

Other financial income and expenses
€ millions	2025	2024	2023
Interest component of pension costs	Interest component of pension costs 2025 (9.0)	Interest component of pension costs 2024 (10.9)	Interest component of pension costs 2023 (2.2)
Other financial income and expenses	Other financial income and expenses 2025 (29.0)	Other financial income and expenses 2024 (28.9)	Other financial income and expenses 2023 (49.3)
TOTAL	TOTAL 2025 (38.0)	TOTAL 2024 (39.8)	TOTAL 2023 (51.5)

2025 Universal Registration Document

5. 2025 Consolidated Financial Statements

9.2 Cash and cash equivalents

9.3 Non-current financial assets

9.4 Other financial income and expenses