2025 Universal Registration Document

1. Presentation of the Group – Integrated Report

Environmental, Social and Governance Performance
  • In December, for the tenth time in a row, L'Oréal was awarded a triple “A” rating by the CDP, testifying to its leadership and transparency in the fight against climate change, and its action in favour of forests and water security.
  • L'Oréal was ranked in 18th  position globally in the Equileap 2025 Women’s Equality in the Workplace Top 100 Ranking, which evaluated 3,547 listed companies in 24 mature markets according to 19 criteria.
  • For the 16 time, L'Oréal received the 2025 World's Most Ethical Companies recognition from Ethisphere. In 2025, 136 honourees were recognised, spanning 19 countries and 44 industries.th L’Oréal’s score in 2025 was higher than the average for other honorees across all areas assessed.
  • In March, the Group launched L'Oréal Act for Dermatology, a five-year, €20 million programme, led by its Dermatological Beauty Division, which aims to democratise access to skin health in support of the 2.1 billion people worldwide living with a skin condition.
  • To mark World Refill Day on 16 June, several L'Oréal brands championed refillable beauty in a campaign encouraging consumers to embrace refills and contribute to a more sustainable future.
  • L'Oréal opened the first call for applications for its new Sustainable Innovation Accelerator. Endowed with €100 million over five years, it is designed to address the critical solutions gap within the industry and accelerate the delivery of L'Oréal's sustainability ambitions.
  • In July, L'Oréal was recognised as a Supplier Engagement Leader by the international non-profit organisation CDP for the 7th consecutive year, in recognition of its commitment to addressing climate change within its supply chain.
  • L'Oréal has finalised its fifth employee share ownership plan, allowing employees to purchase L'Oréal shares and participate more closely in the company's development.
  • At the 27th L'Oréal-UNESCO For Women in Science International Awards, the L'Oréal Foundation and UNESCO rewarded five scientists for their contributions to the physical sciences, mathematics and computer science.
  • For the 14th consecutive year, L'Oréal achieved "Prime" classification in the ISS ESG Corporate Rating, testifying to its ability to manage its environmental, social and governance (ESG) risks.
  • L'Oréal was awarded an AA rating by MSCI, an assessment that measures the Group's management of ESG risks and opportunities relative to its peers, highlighting the Group's performance in mitigating environmental risks.
  • L'Oréal received a 16.6 score (“Low Risk”) in the Sustainalytics ESG Risk Rating. This assessment positions the Group third within both “Personal Care Products” and “Personal Care & Household Products".
  • L’Oréal Groupe earned a spot on Fortune's annual Change the World list, recognising the Company's ongoing efforts in refill and sustainable packaging transformation. This accolade underscores L’Oréal Groupe’s commitment to creating more circular solutions and setting a new industry standard.
  • L’Oréal was awarded the EcoVadis Platinum medal with a score of 89 out of 100. This recognition puts it in the top 1% of the highest-rated companies in the world out of more than 150,000 companies assessed.
Other
  • L'Oréal was included among the Top 50 “All-Stars” in Fortune and Korn Ferry’s annual ranking of the World's Most Admired Companies, claiming the top spot in France and in the European Consumer category.
  • In April, L'Oréal gave an investment services provider a share buyback mandate pursuant to the authorisation granted by the Ordinary and Extraordinary General Meeting of 23 April 2024. The mandate concerned the buyback of up to €500 million in L’Oréal shares, or a maximum of 2 million shares. The shares bought back were subsequently cancelled.
  • L'Oréal was recognised as one of TIME 100’s Most Influential Companies in the "Titans" category.
  • L’Oréal successfully completed its inaugural issuance on the American bond market for a total principal amount of USD 1 billion, due 20 May 2035, with a coupon of 5.00%. The issue is rated AA (stable outlook) by S&P and Aa1 (stable outlook) by Moody's. L'Oréal will use the net proceeds of this issue for general corporate purposes.
  • Under the chairmanship of Jean-Paul Agon, Chairman of the Board of Directors, L'Oréal's Ordinary and Extraordinary General Meeting took place on 29 April. All the proposed resolutions were adopted.
  • L'Oréal expressed profound sorrow at the passing of Giorgio Armani, an unparalleled figure in fashion and culture, who built one of the last great empires of independent luxury and was recognised as one of the greatest designers of the last 100 years. The Group extends its sincerest condolences to his family and friends, committing to uphold the legacy of his iconic brand.
  • L'Oréal is ranked as the 41st most admired company (the only French company in the Top 50) in the Fortune World’s Most Admired Companies list.
2026 outlook

“In 2026, despite the macro uncertainties, we are optimistic about the outlook for the global beauty market, and confident in our ability to keep outperforming it thanks to L’Oréal’s multi-division category strategy and to achieve another year of growth in sales and profit."