2025 Universal Registration Document

6. 2025 parent company financial statements

6.1 Comparative income statements

The individual financial statements set out in this chapter are those of the L’Oréal parent company. They show the financial situation of the parent company. Unlike the consolidated financial statements, they do not include the results of the Group’s subsidiaries.

The information regarding the parent company financial statements that was previously included in the Management Report of the Board of Directors is now included in this chapter. The pages concerned are the table showing the main changes and threshold crossings regarding equity investments, the five-year financial summary and the amount of expenses and charges provided for in Article 223 quater of the French Tax Code, and the table showing past due invoices issued and received and not paid at the closing date, provided for by Articles L. 441-14 and D. 441-6 of the French Commercial Code. The Statutory Auditor’s Report on the parent company financial statements rounds out this information.

Comparative income statements
€ millions	Notes	31.12.2025	31.12.2024
Operating revenue	Operating revenue Notes	Operating revenue 31.12.2025 5,999.1	Operating revenue 31.12.2024 5,794.6
Sales	Sales Notes 2	Sales 31.12.2025 5,070.6	Sales 31.12.2024 4,863.4
Reversals of depreciation, amortisation and provisions⁽¹⁾	Reversals of depreciation, amortisation and provisions ⁽¹⁾ Notes	Reversals of depreciation, amortisation and provisions ⁽¹⁾ 31.12.2025 110.5	Reversals of depreciation, amortisation and provisions ⁽¹⁾ 31.12.2024 175.8
Other revenue⁽²⁾	Other revenue ⁽²⁾ Notes 3	Other revenue ⁽²⁾ 31.12.2025 818.0	Other revenue ⁽²⁾ 31.12.2024 755.4
Operating expenses	Operating expenses Notes	Operating expenses 31.12.2025 (5,150.9)	Operating expenses 31.12.2024 (4,934.7)
Purchases and change in inventories	Purchases and change in inventories Notes	Purchases and change in inventories 31.12.2025 (3.2)	Purchases and change in inventories 31.12.2024 (2.3)
Other purchases and external charges	Other purchases and external charges Notes	Other purchases and external charges 31.12.2025 (3,162.3)	Other purchases and external charges 31.12.2024 (3,084.0)
Taxes and similar payments	Taxes and similar payments Notes	Taxes and similar payments 31.12.2025 (145.6)	Taxes and similar payments 31.12.2024 (125.7)
Personnel costs	Personnel costs Notes 4	Personnel costs 31.12.2025 (1,233.0)	Personnel costs 31.12.2024 (1,154.9)
Depreciation, amortisation and charges to provisions	Depreciation, amortisation and charges to provisions Notes 5	Depreciation, amortisation and charges to provisions 31.12.2025 (225.2)	Depreciation, amortisation and charges to provisions 31.12.2024 (236.9)
Other charges⁽²⁾	Other charges ⁽²⁾ Notes 6	Other charges ⁽²⁾ 31.12.2025 (381.6)	Other charges ⁽²⁾ 31.12.2024 (331.0)
Operating profit	Operating profit Notes	Operating profit 31.12.2025 848.2	Operating profit 31.12.2024 859.9
Financial income from subsidiaries and equity investments	Financial income from subsidiaries and equity investments Notes	Financial income from subsidiaries and equity investments 31.12.2025 6,041.9	Financial income from subsidiaries and equity investments 31.12.2024 5,196.0
Interest expense	Interest expense Notes	Interest expense 31.12.2025 (190.4)	Interest expense 31.12.2024 (214.8)
Net foreign exchange gains	Net foreign exchange gains Notes	Net foreign exchange gains 31.12.2025 53.2	Net foreign exchange gains 31.12.2024 24.7
Change in depreciation, amortisation and provisions	Change in depreciation, amortisation and provisions Notes	Change in depreciation, amortisation and provisions 31.12.2025 (531.7)	Change in depreciation, amortisation and provisions 31.12.2024 22.1
Other financial income and expenses⁽³⁾	Other financial income and expenses ⁽³⁾ Notes	Other financial income and expenses ⁽³⁾ 31.12.2025 4.0	Other financial income and expenses ⁽³⁾ 31.12.2024 9.2
Net financial income	Net financial income Notes 7	Net financial income 31.12.2025 5,377.0	Net financial income 31.12.2024 5,037.2
Profit before tax and non-recurring items	Profit before tax and non-recurring items Notes	Profit before tax and non-recurring items 31.12.2025 6,225.2	Profit before tax and non-recurring items 31.12.2024 5,897.1
Non-recurring items	Non-recurring items Notes 8	Non-recurring items 31.12.2025 2,852.2	Non-recurring items 31.12.2024 (61.5)
Employee profit sharing	Employee profit sharing Notes	Employee profit sharing 31.12.2025 (44.6)	Employee profit sharing 31.12.2024 (42.5)
Income tax	Income tax Notes 9	Income tax 31.12.2025 (308.0)	Income tax 31.12.2024 (115.2)
NET PROFIT	NET PROFIT Notes	NET PROFIT 31.12.2025 8,724.8	NET PROFIT 31.12.2024 5,678.0

This item included transfers of charges up to 2024. In accordance with the new Regulation ANC 2022-06, from 2025 onwards the charge transfer line is eliminated and the items concerned are recognised directly in the relevant income and expense accounts.
In accordance with the new Regulation ANC 2022-06, from 2025 onwards other income and expenses include proceeds from disposals and the net carrying amount of property, plant and equipment and intangible assets sold.
In accordance with the new Regulation ANC 2022-06, from 2025 onwards other income and expenses include proceeds from disposals and the net carrying amount of financial assets sold.