Slides
Page 1
HALF-YEAR2025Nicolas HIERONIMUSChief Executive Officer30 July 2025 RESULTS
Page 2
GRADUAL IMPROVEMENTIN BEAUTY MARKET GROWTH MARKET Q1 ~+2%~+3% MARKET H1 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate.
Page 3
BROAD-BASED MARKET ACCELERATIONACROSS REGIONS Q1 2025 +1% H1 2025 NORTH AMERICA H1 2024H1 2025 MAINLANDCHINAQ1 2025 H1 2025 EMERGINGMARKETSQ1 2025 H1 2025 EUROPEH2 2024 +3% -2%0% +9%+10% +4%+4% -6% L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate.
Page 4
PROGRESSIVEGROWTHACCELERATION L’ORÉAL Q1+2.6%ADJUSTED L’ORÉAL Q2+3.7%ADJUSTED 1 Like-for-like growth adjusted for the phasing related to the 2024 and 2025 IT transformation. 1 1
Page 5
SOLIDGROWTH ADJUSTED+3.2%L’ORÉAL H1 1 Like-for-like growth adjusted for the phasing related to the 2024 and 2025 IT transformation. 1
Page 6
OUTPERFORMING ACROSS ALL REGIONS & CATEGORIES H1 2025+2%H1 2025+0%MARKET 1 H1 2025 like-for-like sales growth. 2 BMS H1 2025. 1 2
Page 7
CONTRIBUTIONOF NEW PRODUCTS+300 bps Weight of business from new products.
Page 8
H1 2025+6.5%+2%MARKET H1 2025 1 2 1 H1 2025 like-for-like sales growth. 2 BMS H1 2025.
Page 9
18%+H1 2025 H1 2025 like-for-like sales growth.
Page 10
+6.7% +5%SELL-OUT H1 2025 +3.1%MARKET SELL-IN H1 2025SELL-OUT H1 2025 1 H1 2025 like-for-like sales growth. 2 LDB WW sell-out consolidation YTD25. 1 2 2
Page 11
+14%H1 2025 NORTH ASIA+18%H1 2025 SAPMENA-SSA H1 2025 like-for-like sales growth.
Page 12
CERAVE REGAINS TRACTIONIN THE US8.5%THERAPEUTIC HAIRCARE MARKET SHARE 1 LDB WW sell-out consolidation YTD25. 1 BALANCINGAIR FOAM CLEANSEROFF TO APROMISING START
Page 13
+2.8%H1 2025 +4.5%H1 2025 MARKET 1 2 1 H1 2025 like-for-like sales growth. 2 BMS H1 2025.
Page 14
HAIRCARE MAKE-UP1.5x MARKET 1.4x MARKET BMS H1 2025.
Page 15
LATINAMERICASTRONG LOCALINNOVATIONS USAMAKE-UPINNOVATIONROLL-OUT
Page 16
EMERGING MARKETS+10.4%H1 2025 SAPMENA-SSA+10.3%H1 2025 LATIN AMERICA 17%OF TOTAL GROUP SALES 1 1 H1 2025 like-for-like sales growth. 2 Based on H1 2025 numbers. 1 2
Page 17
C1 - Internal use INDIATHAÏLAND +12%EMERGING COUNTRIESIN THE TOP 10 GROWTH CONTRIBUTORS 4 +14% H1 2025 like-for-like sales growth. MEXICOBRAZIL +11% +11%
Page 18
EMERGING MARKETS VOLUME+4%MIX+4%VALUE+2%+10.4% H1 2025The slight difference between the sum of “volume, value, mix” and total LFL is due to rounding.
Page 19
NORTH ASIA -1.6%Q1 2025 ADJUSTED-0.3%Q2 2025 ADJUSTED 1 Like-for-like growth adjusted for the phasing related to the 2024 and 2025 IT transformation. 1 1
Page 20
BACK TO POSITIVE GROWTH IN MAINLAND CHINA H1 2025 like-for-like sales growth.
Page 21
1 3 BRANDS8IN THETOP20 Smartpath (Tmall), Nint (Douyin), JD data tool JDSZ (JD).
Page 22
NORTH AMERICA +0.5%Q1 2025 ADJUSTED+4.7%Q2 2025 ADJUSTED 1 Like-for-like growth adjusted for the phasing related to the 2024 and 2025 IT transformation. 1 1
Page 23
EUROPE+4.4% +4% +3.4% SELL-OUT H1 2025 MARKET SELL-IN H1 2025SELL-OUT H1 2025 1 2 1 H1 2025 like-for-like sales growth. 2 CPD WW sell-out consolidation YTD25. 2
Page 24
PROMISINGAH22025
Page 25
~+2% Q1 2025 ~+3%~+4% BEAUTY MARKETGROWTH H1 2025FY 2025 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate.
Page 26
THE IMPORTANCE OF LOOKING FIT & ATTRACTIVEIS GROWING IN ALL REGIONS “LOOKING FIT & ATTRACTIVE” 62% 2022 2025 67% +6% +8pt +11pt +3pt +4pt +6pt +2pt +9pt +9pt +4pt +10pt +1pt +6pt +5pt ALL COUNTRIES Extremely + very important –Evolution 2022-2025. L’Oréal Consumer Market Intelligence.
Page 27
BEAUTYSOCIAL MEDIAIS TRENDING ON 6.5BnBEAUTY SEARCHES ON TIK-TOKH1 2025+51%VS H1 2024 L’Oréal CDMO.
Page 28
PRICE INCREASESIMPACT OF TARIFFS
Page 29
OUTPERFORM THE MARKET OUR OBJECTIVE:
Page 30
BEAUTY STIMULUSPLAN ACCELERATIONROLL-OUTOF RECENTBLOCKBUSTERSMORE IS COMINGIN H2 WEIGHT OF LAUNCHESVS H2 2024+300 bpsOBJECTIVE H2 2025:
Page 31
STRENGTHENING OUR E-COMMERCE PRESENCE29%OF H1 L’ORÉAL SALES > 200bpsVS H1 2024 Based on H1 2025 numbers.
Page 32
NEW TARIFFS
Page 33
USA BRAZIL SOUTH AFRICA INDIA CHINAJAPAN 6 R&I REGIONAL HUBS LATINAMERICA EUROPE SUB-SAHARANAFRICA SAPMENA1 NORTH ASIA incl. FRANCE 36 PLANTS IN 2024, WITH A NETWORK OF >150DISTRIBUTION CENTERS NORTHAMERICA OPERATIONAL AGILITYA GLOBAL FOOTPRINT 1South Asia -Pacific -Middle East -North Africa.
Page 34
C1 - Internal use OPERATIONAL AGILITYALIGNING PRODUCTION & CONSUMPTION EUROPE~95%NORTH AMERICA~80%NORTH ASIA~70%SAPMENA1 ~75%LATIN AMERICA~85% % OF UNITS LOCALLY SOURCED 1South Asia -Pacific -Middle East -North Africa.
Page 35
INVESTINGIN THE FUTURE
Page 36
PREMIUM PRICE POINT GLAMOURHEALTH ENTRY PRICE POINT
Page 37
NEW ACQUISITION
Page 38
NEW ACQUISITION
Page 39
PREMIUM PRICE POINT GLAMOURHEALTH ENTRY PRICE POINT
Page 40
L’ORÉAL CULTUREOF INNOVATION
Page 41
C1 - Internal use LONGEVITYSUMMIT
Page 42
C1 - Internal use POWEREDBY AI LONGEVITY CLOUD 280 BIOMARKERS LONGEVITYSKIN WHEEL
Page 43
Clara CELL BIOPRINT
Page 45
X RESEARCH AGREEMENT
Page 46
UNLEASH THE POWER OFAIAUGMENTEDR&IAUGMENTEDOPERATIONSAUGMENTEDCONSUMERSERVICESBET IQAUGMENTEDMARKETING
Page 47
C1 - Internal use UNLEASH THE POWER OFAIAUGMENTEDR&I 150 POLYMERS EXPLORED IN 6 MONTHS
Page 48
C1 - Internal use UNLEASH THE POWER OFAIAUGMENTEDOPERATIONS
Page 49
C1 - Internal use UNLEASH THE POWER OFAIAUGMENTEDCONSUMERSERVICES 500,000 CONVERSATIONS IN THE US
Page 50
C1 - Internal use AIAUGMENTEDMARKETING UNLEASH THE POWER OF
Page 51
C1 - Internal use AIUNLEASH THE POWER OF A&POPTIMIZATION
Page 52
#1MOST INNOVATIVEEUROPEAN COMPANY
Page 53
C1 - Internal use CONCLUSIONFIRST HALFACCELERATIONQUALITY OF P&L MANAGEMENTCONFIDENT INTHE SECOND HALFBEAUTY STIMULUS PLAN EXCITED ABOUTTHE FUTUREBEAUTY TECHCOMPANY >>>
Page 54
C1 - Internal use QA&
Page 55
C1 - Internal use “Thisdocumentdoesnotconstituteanoffertosell,oranoffertobuyL'Oréalshares.IfyouwishtoobtainmorecomprehensiveinformationaboutL'Oréal,pleaserefertothepublicdocumentsregisteredinFrancewiththeAutoritédesMarchésFinanciers(whicharealsoavailableinEnglishonourinternetsite:www.loreal-finance.com).Thisdocumentmaycontainsomeforward-lookingstatements.AlthoughtheCompanyconsidersthatthesestatementsarebasedonreasonablehypothesesatthedateofpublicationofthisrelease,theyarebynaturesubjecttorisksanduncertaintieswhichcouldcauseactualresultstodiffermateriallyfromthoseindicatedorprojectedinthesestatements.” Disclaimer
Page 56
C1 - Internal use HALF-YEAR 2025 Christophe BABULE Chief Financial Officer 30 July 2025 RESULTS
Page 57
30 July 2025 H1-2025 Highlights｜A solid performance 2 +3.0% Like-for-like growth Accelerating LFL growth 1Q25 +2.6%* - 2Q25 +3.7%* 21.1% Operating margin +30bps €2.7Bn Operating net cash flow +38% * Adjusted for the phasing related to the 2024 and 2025 IT transformation
Page 58
30 July 2025 H1-2025 Consolidated sales｜Robust like-for-like growth 3 H1-2025 Reported growth +1.6% Exchange rate impact External growth impact H1-2024 €22.1bn €22.4bn +0.5% -1.9% +3.0% Like-for-like growth
Page 59
30 July 2025 H1-2025 Like-for-like growth｜Driven by volume and value 4 Like-for-like growth +3.0% Volume +1.2% * Value = price + mix Value +1.7%*
Page 60
30 July 2025 H1-2025 Like-for-like growth – Reported vs. Adjusted 5 1Q25 +3.5% 2Q25 +2.4% 1Q25 +2.6% 2Q25 +3.7% LFL growth on a reported basis LFL growth adjusted for IT transformation +3.2% 1H25 +3.0% 1H25 1Q25 -90bps 2Q25 1H25 3Q25e +130bps +20bps +70bps Impact of adjustment (in bps, on a quarterly basis)
Page 61
30 July 2025 H1-2025 Sales and growth by division 6 €8.4bn 37% of total Reported +1.1% +2.8%* €2.5bn 11% of total Reported +4.9% +6.5%* €7.7bn 34% of total Reported +1.0% +2.0%* €3.9bn 17% of total Reported +1.7% +3.1%* Professional Products Consumer Products L’Oréal Luxe L’Oréal Dermatological Beauty * Like-for-like growth vs 2024
Page 62
30 July 2025 7 * South Asia Pacific, Middle-East, North Africa - Sub-Saharan Africa ** Emerging Markets combine Latin America and SAPMENA-SSA NORTH AMERICA LATIN AMERICA EUROPE NORTH ASIA SAPMENA-SSA* EMERGING MARKETS** €5.8Bn +2.0% €7.5Bn +3.4% €5.4Bn -1.1% €3.7Bn +10.4% €2.1Bn €1.7Bn H1-2025 sales by region (in billion euros, like-for-like growth)
Page 63
30 July 2025 H1-2025 Sales by category|Fragrances and haircare continued to lead 8 Hair colour 8% of total €1.8bn +0.5%* Skincare 39% of total €8.8bn -0.8%* Make-up 20% of total €4.4bn +2.4%* Haircare 17% of total €3.8bn +12.1%* Fragrances +11.0%* 13% of total €2.9bn * Like-for-like growth vs 2024
Page 64
30 July 2025 Profit and loss account｜From sales to operating profit 9 (in million euros) H1-2024 % of sales 2024 % of sales H1-2025 % of sales Change* Sales 22 120.8 100.0% 43 486.8 100.0% 22 473.3 100.0% +1.6% Cost of sales -5 568.7 25.2% -11 227.0 25.8% -5 692.6 25.3% Gross profit 16 552.1 74.8% 32 259.8 74.2% 16 780.7 74.7% -10bps Research and innovation expenses -667.3 3.0% -1 354.7 3.1% -671.7 3.0% - Advertising and promotion expenses -7 109.1 32.1% -14 008.9 32.2% -7 177.0 31.9% -20bps Selling, general and administrative expenses -4 176.6 18.9% -8 208.7 18.9% -4 191.9 18.7% -20bps Operating profit 4 599.1 20.8% 8 687.5 20.0% 4 740.1 21.1% +30bps * In % for sales and in basis points for all other lines
Page 65
30 July 2025 Operating margin by division｜Each in excess of 22% 10 H1-2024 2024 H1-2025 Change Professional Products 22.1% 22.2% 22.4% +30bps Consumer Products 22.0% 21.1% 22.5% +50bps L’Oréal Luxe 21.9% 22.3% 22.3% +40bps Dermatological Beauty 28.9% 26.1% 28.2% -70bps Total before non-allocated expenses* 23.2% 22.5% 23.4% +20bps Non-allocated expenses -2.4% -2.5% -2.3% Group 20.8% 20.0% 21.1% +30bps (as a % of sales) *Central group expenses, fundamental research expenses, free grant of shares expenses and miscellaneous items as a % of total sales
Page 66
30 July 2025 Profit and loss account From operating profit to net profit excluding non-recurring items 11 (in million euros) H1-2024 2024 H1-2025 % Change Operating profit 4 599.1 8 687.5 4 740.1 +3.1% Financial revenues/expenses before dividends received -131.0 -261.4 -102.2 Sanofi dividends 444.5 444.5 347.6 Profit before tax and associates, excluding non-recurring items 4 912.6 8 870.6 4 985.5 +1.5% Income tax excluding non-recurring items -1 163.9 -2 075.4 -1 196.3 Net profit excluding non-recurring items of equity consolidated companies -0.8 -1.3 -2.0 Non-controlling interests -3.3 -7.5 -4.2 Net profit excluding non-recurring items after non-controlling interests 3 744.6 6 786.3 3 783.0 +1.0% Earnings per share (in euros)* 6.98 12.66 7.07 +1.2% Diluted average number of shares 536 387 970 536 078 431 535 438 599 * Diluted earnings per share attributable to owners of the company, excluding non-recurring items
Page 67
30 July 2025 Profit and loss account From net profit excluding non-recurring items to net profit 12 Net profit excluding non-recurring items, attributable to owners of the company Net profit attributable to owners of the company €3 783.1m -268.9 €3 368.0m -146.1 Other income and expenses Non-recurring tax items Non-recurring items -415
Page 68
30 July 2025 H1-2024 2024 H1-2025 % Change Net profit 3 658.9 6 416.5 3 372.2 Depreciation, amortisation and provisions +769.7 +1 855.3 +859.1 Capital gains / losses on disposals of assets, changes in deferred taxes, other +83.3 +238.0 +134.3 Share of profit in associates, net of dividends received +2.2 +2.9 +2.5 Cash flow 4 514.0 8 512.7 4 368.0 -3.2% Changes in working capital -1 745.8 -226.6 -860.9 Investments -781.1 -1 641.7 -765.8 Operating net cash flow 1 987.1 6 644.3 2 741.3 +38.0% Dividends paid -3 605.9 -3 614.9 -3 840.7 Acquisitions -138.0 -162.8 -738.6 Lease debt repayment -235.4 -474.3 -229.1 Acquisitions of treasury stock -497.5 -501.6 Capital increase +69.9 +1.2 Non-consolidated investment -31.8 -1 913.3 +2 877.7 Residual cash flow -2 023.9 51.4 310.2 Cash flow statement｜Operating net cash flow up 38% 13 (in million euros)
Page 69
30 July 2025 Balance sheet｜A robust financial position 14 Cash & cash equivalents 31 December 2024 30 June 202531 December 2024 30 June 2025 56.4 54.6 56.4 54.6 Shareholder’s equity Non-current liabilities Current liabilities Financial debt* (current & non-current) Current assets 12.4 4.1 13.5 (in billion euros, as of 30 June) Assets Liabilities 39.9Non-current assets 4.8 36.3 33.1 1.9 31.2 1.8 12.8 12.8 8.5 8.8 * Of which €1 881m due to financial lease debt at the end of June 2025 (IFRS 16) and of €1 927m at the end of December 2024
Page 70
30 July 2025 Net debt｜A healthy financial situation 15 Financial lease debt Net debt excluding financial lease debt Gearing* Leverage** (net debt/EBITDA) (in million euros, as of 30 June) 12.8% (vs 13.4%) as of 31.12.2024 0.38x (vs 0.4x) as of 31.12.2024 *Net debt/equity attributable to owners of the company (6.8% excluding financial lease debt) ** Calculated over 12-month EBITDA to end of June 2025. 30 June 2024 31 December 2024 4 564.9 6 459.9 4 442.7 2 516.1 1 895.0 1 926.6 30 June 2025 4 006.2 2 125.2 1 881.0
Page 71
« Ce document ne constitue pas une offre de vente ou la sollicitation d’une offre d’achat de titres L’Oréal. Si vous souhaitez obtenir des informations plus complètes concernant L’Oréal, nous vous invitons à vous reporter aux documents publics déposés en France auprès de l’Autorité des Marchés Financiers (également disponibles en version anglaise sur notre site Internet www.loreal-finance.com).Ce document peut contenir certaines déclarations de nature prévisionnelle. Bien que la Société estime que ces déclarations reposent sur des hypothèses raisonnables à la date de publication du présent communiqué, elles sont par nature soumises à des risques et incertitudes pouvant donner lieu à un écart entre les chiffres réels et ceux indiqués ou induits dans ces déclarations.» "This document does not constitute an offer to sell, or a solicitation of an offer to buy, L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers (which are also available in English on our Internet site: www.loreal-finance.com).This document may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements." Avertissement / Disclaimer APPENDIX
Page 72
30 July 2025 Average rate H1 2024 Average rate H1 2025 % Change H1 2025 vs. H1 2024 Euro — — US Dollar 0.925 0.916 Chinese Yuan 0.128 0.126 Pound Sterling 1.170 1.187 Mexican Peso 0.054 0.046 Canadia Dollar 0.681 0.650 Brazilian Real 0.182 0.159 Australian Dollar 0.609 0.581 Japanese Yen 6.084 6.171 Indian Rupee 0.011 0.011 Changes in exchange rates 17 21.4% 24.6% 15.7% 4.0% 2.5% 2.3% 2.1% 1.7% 1.4% 1.4% Weight in H1 2025 consolidated sales — -1.0% -1.5% +1.4% -15.1% -4.6% -12.6% -4.6% +1.4% -4.3% (against the euro)
Page 73
« Ce document ne constitue pas une offre de vente ou la sollicitation d’une offre d’achat de titres L’Oréal. Si vous souhaitez obtenir des informations plus complètes concernant L’Oréal, nous vous invitons à vous reporter aux documents publics déposés en France auprès de l’Autorité des Marchés Financiers (également disponibles en version anglaise sur notre site Internet www.loreal-finance.com).Ce document peut contenir certaines déclarations de nature prévisionnelle. Bien que la Société estime que ces déclarations reposent sur des hypothèses raisonnables à la date de publication du présent communiqué, elles sont par nature soumises à des risques et incertitudes pouvant donner lieu à un écart entre les chiffres réels et ceux indiqués ou induits dans ces déclarations.» "This document does not constitute an offer to sell, or a solicitation of an offer to buy, L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers (which are also available in English on our Internet site: www.loreal-finance.com).This document may contain some forward-looking statements. Although the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements." Avertissement / Disclaimer