Income tax excluding non-recurring items amounted to €2,187 million, an increase of 5.4% from 2024 (€2,075 million), representing a tax rate of 24.3%, a 90 basis point increase versus the figure of 23.4% recorded in the prior year. Income tax excluding non-recurring items does not include the exceptional corporate tax levy in France amounting to €253 million.
Net profit after non-controlling interests excluding non-recurring items came out at €6,806 million, up 0.3% on the amount of €6,786 million recorded in 2024.
Diluted earnings per share after non-controlling interests, excluding non-recurring items came out at €12.71, up 0.4% year on year.
Non-recurring items after non-controlling interests amounted to €679 million net of tax. This item includes other income and expenses of €504 million, of which primarily €209 million of restructuring costs related to various reorganisation measures at Group, Divisional and Region level, €179 million related to product liability lawsuits and a non-recurring tax expense of €176 million, €253 million of which is linked to the exceptional tax levy in France.
Net profit after non-controlling interests came out at €6,127 million, down by 4.4%.
| € millions | 2025 | 2024 | % Change |
|---|---|---|---|
| Net profit | Net profit 2025 6,133.7 |
Net profit 2024 6,416.5 |
Net profit% Change-4.4% |
| Depreciation, amortisation and provisions | Depreciation, amortisation and provisions 2025 1,817.4 |
Depreciation, amortisation and provisions 2024 1,855.3 |
Depreciation, amortisation and provisions % Change
|
| Capital gains/losses on disposal of assets, deferred taxes and other | Capital gains/losses on disposal of assets, deferred taxes and other 2025 371.7 |
Capital gains/losses on disposal of assets, deferred taxes and other 2024 238 |
Capital gains/losses on disposal of assets, deferred taxes and other % Change
|
| Share of profit in associates net of dividends received | Share of profit in associates net of dividends received 2025 6.7 |
Share of profit in associates net of dividends received 2024 2.9 |
Share of profit in associates net of dividends received % Change
|
| Gross cash flow | Gross cash flow 2025 8,329.5 |
Gross cash flow 2024 8,512.6 |
Gross cash flow% Change-2.2% |
| Changes in working capital | Changes in working capital 2025 327.4 |
Changes in working capital 2024 (226.6) |
Changes in working capital % Change
|
| Purchases of property, plant and equipment and intangible assets | Purchases of property, plant and equipment and intangible assets 2025 (1,495.3) |
Purchases of property, plant and equipment and intangible assets 2024 (1,641.7) |
Purchases of property, plant and equipment and intangible assets % Change
|
| Operating net cash flow | Operating net cash flow 2025 7,161.6 |
Operating net cash flow 2024 6,644.3 |
Operating net cash flow% Change+7.8% |
| Dividends paid | Dividends paid 2025 (3,917.0) |
Dividends paid 2024 (3,614.9) |
Dividends paid % Change
|
| Acquisitions | Acquisitions 2025 (2,442.9) |
Acquisitions 2024 (148.9) |
Acquisitions % Change
|
| Repayment of lease liabilities | Repayment of lease liabilities 2025 (453.6) |
Repayment of lease liabilities 2024 (474.3) |
Repayment of lease liabilities % Change
|
| Acquisitions of treasury stock | Acquisitions of treasury stock 2025 (501.5) |
Acquisitions of treasury stock 2024 (497.5) |
Acquisitions of treasury stock % Change
|
| Capital increase | Capital increase 2025 65.6 |
Capital increase 2024 69.9 |
Capital increase % Change
|
| Investments in non-consolidated entities | Investments in non-consolidated entities 2025 2,514.7 |
Investments in non-consolidated entities 2024 (1,927.2) |
Investments in non-consolidated entities % Change
|
| Residual cash flow | Residual cash flow 2025 2,427.0 |
Residual cash flow 2024 51.4 |
Residual cash flow% Change
|
Gross cash flow amounted to €8,330 million, a decrease of €183 million or 2.2% from the prior year figure of €8,513 million, directly linked to the decline in net profit.
Operating cash flow amounted to €7,162 million, an increase of €518 million or 7.8% versus the prior year figure of €6,644 million, primarily driven by an improvement in working capital. Working capital had a favourable €327 million impact on operating cash flow in 2025, a €554 million improvement versus 2024 (negative €227 million impact). This was mainly due to a €460 million increase in trade payables as a result of the phasing of purchases of raw materials and adjusted schedule of advance payments for IT migrations planned in the first half of the year after the period under review.
Operating investments amounted to €1,495 million, down by €146 million or 8.9%, from the prior year, notably reflecting lower investments in point-of-sale advertising and renovations to Group buildings. Operating investments represented 3.4% of sales, down 40 basis points versus the previous year (3.8%).
Acquisitions of equity interests represented a cash outflow of €2,427 million, corresponding to the acquisitions in 2025 of the Dr. G brand in Korea, Medik8 in the United Kingdom and ColorWoW in the United States.
Investments in non-consolidated entities amounted to €2,515 million, corresponding to the proceeds from the sale of Sanofi shares (€2.9 billion after tax), less cash outflows on non-controlling interests acquired during the year (in particular Jacquemus and SkinSpirit).
Residual cash flow represented a cash inflow of €2,427 million versus a cash outflow of €51 million one year earlier, mainly reflecting the substantial improvement in operating cash flow and the impact of sale of Sanofi shares.
The Board of Directors has decided to propose a dividend of €7.20 per share at the shareholders’ Annual General Meeting of 24 April 2026, an increase of +2.9% compared with the dividend paid in 2025. The dividend will be paid on 4 May 2026 (ex-dividend date 29 April 2026).
At 31 December 2025, the Company’s share capital comprised 533,783,028 shares.
