In June 2025, Group employees had the opportunity to join a share ownership plan based on a traditional format with discount and matching contribution.
The subscription price was set at €301.66, representing 80% of the average share price over the 20 trading sessions prior to the Chief Executive Officer's decision to set the subscription period from 11 June to 25 June 2025, during which 218,322 shares were subscribed giving entitlement to 59,087 matching shares. This number does not include the subscription reserved for a Trustee under the laws of England and Wales, as part of a Share Incentive Plan established for Group employees in the United Kingdom, in respect of which the final number of subscribed shares will not be known until April 2026.
For French employees, free matching shares were offered upon subscription in proportion to their personal contribution to the plan with a maximum of three shares offered for six shares subscribed.
For employees in other countries, shares were offered under a free share plan with a continued employment condition for the employee and proportionate to how much the employee contributes to the plan, with a maximum of three shares offered for six subscribed shares. The shares will be allocated to employees on 30 July 2030 provided they are still with the Group on that date.
The capital was increased on 29 July 2025 by 246,115 shares including matching shares for French employees.
| Grant date | Vesting date France | Vesting date outside France | Number of shares granted | Number of shares issued/allotted | Number of shares not fully vested |
|---|---|---|---|---|---|
| 02.10.2020 | 02.10.2020 Vesting date France 02.10.2020 |
02.10.2020 Vesting date outside France 03.10.2025 |
02.10.2020 Number of shares granted 496,991 |
02.10.2020 Number of shares issued/allotted 487,149 |
02.10.2020 Number of shares not fully vested — |
| 22.06.2022 | 22.06.2022 Vesting date France 22.06.2022 |
22.06.2022 Vesting date outside France 23.06.2027 |
22.06.2022 Number of shares granted 494,433 |
22.06.2022 Number of shares issued/allotted 451,651 |
22.06.2022 Number of shares not fully vested 38,243 |
| 19.06.2024 | 19.06.2024 Vesting date France 19.06.2024 |
19.06.2024 Vesting date outside France 20.06.2029 |
19.06.2024 Number of shares granted 276,236 |
19.06.2024 Number of shares issued/allotted 231,391 |
19.06.2024 Number of shares not fully vested 41,299 |
| 25.06.2025 | 25.06.2025 Vesting date France 25.06.2025 |
25.06.2025 Vesting date outside France 26.06.2030 |
25.06.2025 Number of shares granted 277,409 |
25.06.2025 Number of shares issued/allotted 246,115 |
25.06.2025 Number of shares not fully vested 31,167 |
| € millions | 31.12.2024 | Charges | Reversals (used) | Reversals (not used) | Reclassifications | 31.12.2025 |
|---|---|---|---|---|---|---|
| Provisions for foreign exchange losses | Provisions for foreign exchange losses 31.12.2024 57.2 |
Provisions for foreign exchange losses Charges 38.2 |
Provisions for foreign exchange losses Reversals (used) (57.2) |
Provisions for foreign exchange losses Reversals (not used) — |
Provisions for foreign exchange losses Reclassifications — |
Provisions for foreign exchange losses 31.12.2025 38.2 |
| Other provisions for liabilities(1) | Other provisions for liabilities (1)31.12.2024 135.4 |
Other provisions for liabilities (1)Charges 74.3 |
Other provisions for liabilities (1)Reversals (used) (18.6) |
Other provisions for liabilities (1)Reversals (not used) (25.2) |
Other provisions for liabilities (1)Reclassifications 18.8 |
Other provisions for liabilities (1)31.12.2025 184.5 |
| Total provisions for liabilities | Total provisions for liabilities 31.12.2024 192.6 |
Total provisions for liabilities Charges 112.5 |
Total provisions for liabilities Reversals (used) (75.8) |
Total provisions for liabilities Reversals (not used) (25.2) |
Total provisions for liabilities Reclassifications 18.8 |
Total provisions for liabilities 31.12.2025 222.7 |
| Provisions for expenses(2) | Provisions for expenses (2)31.12.2024 173.8 |
Provisions for expenses (2)Charges 65.6 |
Provisions for expenses (2)Reversals (used) (66.2) |
Provisions for expenses (2)Reversals (not used) (16.0) |
Provisions for expenses (2)Reclassifications (18.8) |
Provisions for expenses (2)31.12.2025 138.6 |
| Total provisions for charges | Total provisions for charges 31.12.2024 173.8 |
Total provisions for charges Charges 65.6 |
Total provisions for charges Reversals (used) (66.2) |
Total provisions for charges Reversals (not used) (16.0) |
Total provisions for charges Reclassifications (18.8) |
Total provisions for charges 31.12.2025 138.6 |
| TOTAL | TOTAL 31.12.2024 366.5 |
TOTAL Charges 178.1 |
TOTAL Reversals (used) (142.0) |
TOTAL Reversals (not used) (41.3) |
TOTAL Reclassifications — |
TOTAL 31.12.2025 361.3 |
The changes in provisions for liabilities and charges impact the 2025 income statement as follows:
| € millions | Charges | Reversals (used) | Reversals (not used) |
|---|---|---|---|
| Operating profit | Operating profit Charges 81.6 |
Operating profit Reversals (used) (85.8) |
Operating profit Reversals (not used) (19.8) |
| Net financial income | Net financial income Charges 42.5 |
Net financial income Reversals (used) (56.2) |
Net financial income Reversals (not used) (1.6) |
| Non-recurring items | Non-recurring items Charges 54.1 |
Non-recurring items Reversals (used) — |
Non-recurring items Reversals (not used) (19.8) |
| TOTAL | TOTAL Charges 178.2 |
TOTAL Reversals (used) (142.0) |
TOTAL Reversals (not used) (41.3) |
L’Oréal obtains financing through medium-term bond loans and issues short-term marketable instruments in France and the United States. The amounts of the programmes are €5,000 million and $5,000 million respectively. None of the Group’s borrowings or debt contain an early repayment clause linked to financial ratios (covenants).
Liquidity on the short-term marketable instruments issues is provided by confirmed undrawn short-term credit facilities with banks, which amounted to €7,000 million at 31 December 2025, compared to €5,000 million at 31 December 2024.
An undrawn confirmed credit line of €4,000 million with a maturity of less than one year was also set up in December 2025.
