| 2023 | 2024 | 2025 | ||||
|---|---|---|---|---|---|---|
| € millions | % sales | € millions | % sales | € millions | % sales | |
| Sales | 41,182.5 | 100.0% | 43,486.8 | 100.0% | 44,052.0 | 100.0% |
| Cost of sales | (10,767.0) | 26.1% | (11,227.0) | 25.8% | (11,313.4) | 25.7% |
| Gross profit | 30,415.5 | 73.9% | 32,259.8 | 74.2% | 32,738.6 | 74.3% |
| R&I expenses | (1,288.9) | 3.1% | (1,354.7) | 3.1% | (1,380.6) | 3.1% |
| Advertising and promotion expenses | (13,356.6) | 32.4% | (14,008.9) | 32.2% | (14,177.8) | 32.2% |
| Selling, general and administrative expenses | (7,626.7) | 18.5% | (8,208.7) | 18.9% | (8,288.4) | 18.8% |
| OPERATING PROFIT | 8,143.3 | 19.8% | 8,687.5 | 20.0% | 8,891.9 | 20.2% |
Gross profit amounted to €32,739 million, up 1.5% compared to the previous year; as a percentage of sales, it stood at 74.3% of sales, representing a 10-basis-point increase on the previous year. Over the year as a whole, tariffs had a negative 20-basis-point impact, which was more than offset by strong price and mix effects, as well as operating efficiency.
Research & Innovation expenses totalled €1,381 million, an increase of 1.9% year-on-year; as a percentage of sales, they remained broadly stable at 3.1%, in line with the long-term trend.
Advertising and promotion expenses amounted to €14,178 million, up 1.2% from the previous year; as a percentage of sales, they stood at 32.2%, i.e., stable compared to last year. L'Oréal continued to invest in its brands over the year.
Selling, general and administrative expenses totalled €8,288 million, an increase of 1% year on year; as a percentage of sales, this item fell 10 basis points to 18.8%, reflecting continued cost discipline and ongoing cost control.
Overall, operating profit increased by 2.4% to €8,892 million, and amounted to 20.2% of sales, an improvement of 20 basis points. In 2025, all of the Divisions posted an operating margin in excess of 21%.
Consolidated profit and loss accounts: from operating profit to net profit excluding non-recurring items:
| € millions | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
|
Operating profit |
Operating profit 2023 8,143.3 |
Operating profit 2024 8,687.52 |
Operating profit 2025 8,891.9 |
Operating profit Change +2.4% |
|
Financial revenues and expenses excluding dividends received |
Financial revenues and expenses excluding dividends received 2023 (116.1) |
Financial revenues and expenses excluding dividends received 2024 (264.5) |
Financial revenues and expenses excluding dividends received 2025 (236.1) |
Financial revenues and expenses excluding dividends received Change
|
|
Dividends received |
Dividends received 2023 423.6 |
Dividends received 2024 447.6 |
Dividends received 2025 351.9 |
Dividends received Change
|
|
Profit before tax excluding non-recurring items |
Profit before tax excluding non-recurring items 2023 8,450.8 |
Profit before tax excluding non-recurring items 2024 8,870.6 |
Profit before tax excluding non-recurring items 2025 9,007.7 |
Profit before tax excluding non-recurring items Change +1.5% |
|
Income tax excluding non-recurring items |
Income tax excluding non-recurring items 2023 (1,957.8) |
Income tax excluding non-recurring items 2024 (2,075.4) |
Income tax excluding non-recurring items 2025 (2,187.4) |
Income tax excluding non-recurring items Change
|
|
Net profit (loss) excluding non-recurring items of equity consolidated companies |
Net profit (loss) excluding non-recurring items of equity consolidated companies 2023 0.2 |
Net profit (loss) excluding non-recurring items of equity consolidated companies 2024 (1.3) |
Net profit (loss) excluding non-recurring items of equity consolidated companies 2025 (5.5) |
Net profit (loss) excluding non-recurring items of equity consolidated companies Change
|
|
Non-controlling interests |
Non-controlling interests 2023 (6.7) |
Non-controlling interests 2024 (7.6) |
Non-controlling interests 2025 (8.3) |
Non-controlling interests Change
|
|
Net profit after non-controlling interests excluding non-recurring items |
Net profit after non-controlling interests excluding non-recurring items 2023 6,486.6 |
Net profit after non-controlling interests excluding non-recurring items 2024 6,786.3 |
Net profit after non-controlling interests excluding non-recurring items 2025 6,806.4 |
Net profit after non-controlling interests excluding non-recurring items Change +0.3% |
|
EPS(1) (in euros) |
EPS(1) (in euros) 2023 12.08 |
EPS(1) (in euros) 2024 12.66 |
EPS(1) (in euros) 2025 12.71 |
EPS(1) (in euros) Change +0.4% |
|
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY |
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY 2023 6,184.0 |
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY 2024 6,408.7 |
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY 2025 6,127.2 |
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY Change -4.4% |
|
Diluted earnings per share attributable to owners of the company (euros) |
Diluted earnings per share attributable to owners of the company (euros) 2023 11.52 |
Diluted earnings per share attributable to owners of the company (euros) 2024 11.95 |
Diluted earnings per share attributable to owners of the company (euros) 2025 11.44 |
Diluted earnings per share attributable to owners of the company (euros) Change
|
|
Diluted average number of shares |
Diluted average number of shares 2023 537,021,039 |
Diluted average number of shares 2024 536,078,431 |
Diluted average number of shares 2025 535,366,634 |
Diluted average number of shares Change
|
Net finance costs came to €236 million, versus €264 million in 2024, i.e., 0.5% of sales, down 10 basis points year on year. This item includes finance costs on net debt of €198 million - comprising €366 million finance costs on gross debt and €168 million income on cash and cash equivalents.
Dividends received totalled €352 million, mainly comprising Sanofi dividends, down 22% year on year following the reduction in the stake in Sanofi in February 2025.
