Slides
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Nicolas HIERONIMUS Chief Executive Officer
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€44Bn €6.4Bn >7Bn >150 95,000 ~ €200Bn 2025 SALES 2025 NET PROFIT 1 UNITS SOLD COUNTRIES EMPLOYEES MARKET CAPITALIZATION 2 WORLD LEADER IN BEAUTY 1 Net Profit excluding nonrecurring items after non controlling interests. 2 As of 31 May 2026.
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PERFORMING ACCELERATIONTRANSFORMING TO PREPARE FUTURE GROWTH ENGINES
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1 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate. 2 2025 like-for-like sales growth. MARKET +4% 2 ~ +3.5% 1
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1 2025 like-for-like sales growth, adjusted for the phasing related to the 2024 and 2025 IT transformation. +2.6% +3.7% +4.9% +5% Q1 Q2 Q3 Q4 1
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INNOVATION STEP-UP IN
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ALL DIVISIONS GROWING +3.5% 37% OF SALES +2.8% 35% OF SALES +5.5% 16% OF SALES +7.5% 12% OF SALES 2025 like-for-like sales growth. 1 Based on 2025 net sales. 1 1 1 1
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+12.9% +10.4% +3.5% +0.6% +0.4% HAIRCARE FRAGRANCES MAKE-UP HAIR COLOUR SKINCARE €7.7Bn €6.4Bn €8.4Bn €3.4Bn €16.4Bn ALL CATEGORIES GROWING
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ALL REGIONS GROWING All growth figures are on like-for-like basis. 1 Emerging Markets combine Latin America and SAPMENA-SSA. 2 South Asia Pacific, Middle-East, North Africa - Sub-Saharan Africa. +0.5% €10.1Bn NORTH ASIA +9.7% €7.4Bn EMERGING MARKETS +3.4% €11.7Bn NORTH AMERICA +10.9% €4.1Bn SAPMENA 1 2 +8.3% €3.3Bn LATIN AMERICA +4.4% €14.9Bn EUROPE
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17% OF SALES ~40% OF SALES GROWTH 11 1 Based on 2025 net sales. CONTINUED CONQUESTS IN EMERGING MARKETS
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ACCELERATION USA SECOND-HALF +2% +4% H1 2025 H2 2025 1 2025 like-for-like sales growth. 1 1
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All growth figures are on like-for-like basis. H1 2025 +5% +1% H2 2025 MAINLAND CHINA TRAVEL RETAIL ASIA NORTH ASIA A TALE OF TWO CITIES 9M25 4Q25 L’ORÉAL GROWTH 9M25 4Q25 Sell-in Sell-out
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Q1 Q2 Q3 Q4 FY +3% +4% +5% +6% +4.5% EXCLUDING TRAVEL RETAIL ASIA GROWTH Like-for-like growth adjusted for IT transformation excluding TR Asia 2025 1 +4.3% 2 +5.7% 1 2
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+13% ~+8% MARKET 30% OF SALES E-COMMERCE 1 1 1 Includes sales on L'Oréal’s brand websites, sales to online pure players, and the e-commerce portion of sales to traditional retailers (based on non-audited declarative data); like-for-like. 2 BMS 2025. 2 DRIVING GROWTH
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A STRONG P&L + 10Bps MARGIN EXPANSION Stable vs LY +20Bps MARGIN EXPANSION - 10Bps DESPITE 30 BPS TARIFFS HIT DESPITE 40 BPS TARIFFS HIT A&P SPEND OPERATING MARGINSG&AGROSS MARGIN 74.3% >€14Bn 20.2%18.8%
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DIVIDEND IN EUROS 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20252024 7.207.00 6.60 6.00 4.80 4.003.853.85 3.553.303.10 2.70 +2.9% LOYALTY BONUS +10% Dividend increase for shareholders who have continuously held shares in registered form for at least two full calendar years 1 Proposed at the shareholders’ meeting to be held on 24 April 2026. 1
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LEADER SUSTAINABILITY
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TRANSFORMING TO PREPARE FUTURE GROWTH
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TECH & AI R&I ACQUISITIONS 2025: A RECORD YEAR OF INVESTMENT
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2025: A RECORD YEAR €1.5Bn IN 2025 OF TECH INVESTMENT 1 Internal data. 1 SCALE & SPEED AGILITY
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SCALING AI USE-CASES TO DELIVER STRONG VALUE
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CREATES VALUE FOR THE COMPANY AUGMENTED CONSUMER JOURNEY AUGMENTED A&P ROI AUGMENTED CREATIVITY AUGMENTED RESEARCH PARTNERSHIP
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725 PATENTS IN 2025 +150Bps WEIGHT OF LAUNCHES 1 The incremental percentage of total sales stemming from products launched over the last twelve months. 1 A RECORD YEAR OF INNOVATION
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#1
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RECORD YEAR IN ACQUISITIONS PARTICIPATION AFTER EXPIRATION OF COTY LICENSE
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ACCESSIBLE PRICE POINT PREMIUM PRICE POINT HEALTH GLAMOUR Acquisitions: subject to customary approvals and forthcoming closing of the transaction.
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OPPORTUNITIES OPENING NEW GROWTH LONGEVITY PARTNERSHIP 20% PARTICIPATION SCIENTIFIC PARTNERSHIP
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THAN EVER IS STRONGER
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ENGINES ACCELERATION
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GROWING EMERGING MIDDLE CLASS + 400M + 125M + 170M BY 2030 OBJECTIVE 2Bn L’ORÉAL CONSUMERS IN THE NEXT DECADE INCREASE BEAUTY CONSUMERS POTENTIAL CONSUMERS < 25 60+ World Data Lab.
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E-COMMERCE PENETRATION ACCELERATION PRICE LADDERS STRETCHING BEAUTY ROUTINE SOPHISTICATION DIVERSITY CREATING NEW NEEDS LASTING BEAUTY TRENDS
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ALWAYS READY TO SURF THE TRENDS
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SOPHISTICATION MULTIDIVISION CONQUEST PLAN HAIRCARE
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INNOVATIONS BREAKTHROUGH OUTPERFORMING THE MARKET 2.5x OVER THE LAST 6 YEARS 1 L’Oréal like-for-like sales growth. 2 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate. 2 1 HAIRCARE
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3RD CONSECUTIVE YEAR OF DOUBLE-DIGIT GROWTH DERMATOLOGICAL HAIRCARE DOUBLE-DIGIT GROWTH LEVERAGING THEIR STRENGTH ALL 3 DIVISIONS Like-for-like growth over the last 15 years. x2 HISTORIC GROWTH AVERAGE HAIRCARE
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INNOVATIONS NEW 2026 HAIRCARE
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SEIZING THE NEW STYLING TREND PER MONTH >10 Bn VIEWS GLOBAL LEADERSHIP POSITION COLOR WOW ACQUISITION HAIRCARE
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BUILDING A UNIQUE FRAGRANCES BOOM POWERHOUSE
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BY YOUNG CONSUMERS FRAGRANCES BOOSTED FRAGRANCES
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FRAGRANCES FRAGRANCE TREND ACROSS THE GLOBE
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IN LUXURY FRAGRANCE GLOBAL LEADER FRAGRANCES
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#1 #3 #2 Panel consolidation Europe Circana / Nielsen / Market Vector. FRAGRANCES IN EUROPE TOP 3 FEMININE FRAGRANCES
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WITH MEN BREAKING RECORDS FRAGRANCES
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SUCCESS > €700M LAUNCH IN 2019 > €700M LAUNCH IN 2021 BILLIONAIRE BRAND BILLIONAIRE BRANDCOUTURE STORIES 1 Based on 2025 sales. 1 1 1 1 FRAGRANCES
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REPLICATE THE COUTURE WINNING RECIPE AFTER EXPIRATION OF COTY LICENSE FRAGRANCES
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FULLY COVER THE MARKET HAUTE PARFUMERIE MISTS FRAGRANCES
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IT’S ALL ABOUT MAKE-UP SPEED & CREATIVITY
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MAKE THE TREND MAKE THE MARKET CPD BRANDS MAKE-UP ACCELERATION IN US ALL BRANDS OUTPACING THE MARKET Q1 Q2 Q3 Q4 MKT CPD MAKEUP -3% 1% 6% 7% -5% -1% 0% +0.5% 2025 sell-out. MAKE-UP
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ACCELERATION OF LAUNCHES STRONG CPD DYNAMIC IN THE US LUXE COUTURE BRANDS SUCCESS MAKE-UP
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INNOVATIONS 2026 MAKE-UP
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ACTIVATING AT THE SPEED OF CULTURE MAKE-UP
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BEAUTYTAINMENT MOVING AT THE SPEED OF CULTURE MAKE-UP
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BRIDGING SKINCARE HEALTH & BEAUTY PIONEERING LONGEVITY
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STRONG TRACK RECORD IN SKINCARE MARKET SHARE EVOLUTION 2017 2018 2019 2020 2021 2022 2023 2024 2025 ~15% BMS 2025. SKINCARE
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ACCELERATION LDB SKINCARE LDB skincare 2025 like-for-like sales growth. Q1 Q2 Q3 Q4 +2% +2.5% +4.5% +11% SKINCARE
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NEW BILLIONNAIRE BRAND H2 2025 REBOUND US TURNAROUND LDB SKINCARE VICTORIES SKINCARE
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TO €450 2 FROM €3 1 1 Brazil price in EUR equivalent. 2 China price in EUR equivalent. MULTIPLE PRICEPOINTS PORTFOLIO UNIQUE SKINCARE
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CONSUMERS IN AGING JOURNEYIN EMERGING RECRUIT NEW CONSUMERS ACCOMPANYING EXISTING SKINCARE
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GLOBAL ROLL-OUT OF ACQUISITIONS SCIENCE-DRIVEN LUXURYK-BEAUTY SKINCARE
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ATTACK MULTIDIVISION ON BODY PREMIUMIZATION SKINCARE
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ADVANCED BEAUTY PROTOCOLS LONGEVITY: DIAGNOSTIC TOOLS TOPICALS DEVICES SUPPLEMENTS SKINCARE
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ADVANCED RESEARCH SCIENTIFIC PARTNERSHIPRESEARCH PARTNERS GROUND-BREAKING RESEARCH IN THE PIPE SKINCARE
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STRONGER THAN EVER
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DYNAMIC BEAUTY MARKET GROWTH ACCELERATION STRONG INNOVATION PIPELINE MULTIDIVISION STRATEGY OUTPERFORMANCE OBJECTIVE
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HIGHLY ATTRACTIVE BEAUTY MARKET THE FUTURE LOOKS BRIGHT: NEW SERVICES NEW CATEGORIES NEW TECHNOLOGIES
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Q&A
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“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. Any reuse of images and content is prohibited and/or subject to prior authorization.” DISCLAIMER
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L’ORÉAL USA CAGNY F e b r u a r y 2 0 , 2 0 2 6
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c L’ORÉAL USA REACHING BEAUTY CONSUMERS IN THE UNITED STATES FOR OVER 70 YEARS
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#1 #1 L’ORÉAL USA AT A GLANCE 27 % SUBSIDIARY SALES NA ZONE >75 % UNITS PRODUCED IN NA 6 FACTORIES >800 RETAIL STORES >13 K EMPLOYEES
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1.5 1.9 2.1 2.3 2.6 3 3.4 3.5 3.8 4.1 4.1 4.2 4.7 4.6 4.5 4.8 5.1 5.7 6 6.1 6.4 6.9 7.3 7.5 7.5 7 8.6 9.5 10.8 11.4 11.8 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7X GROWTH SINCE 1995 L’ORÉAL USA Source: L’Oreal Net Sales USD
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BUILDING THE FOUNDATION FOR L’OREAL IN THE U.S. MASS MAKEUP PRO HAIR INDIE MAKEUP ACCESSIBLE DERM 1996 1993 2000 2008 2025 2012 2015 2017
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STRATEGIC ACCELERATION IN KEY GROWING SEGMENTS LUXURY & COUTURE DERM AESTHETICS BEAUTY & WELLNESS 2008 2018 2019 2025 2005 2022 2021 2023
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#1 U.S. BEAUTY MANUFACTURER 16% SOM TTL BEAUTY LOREAL COMPETITOR COMPETITOR COMPETITOR COMPETITOR +2X LARGER THAN #2 13% SOM Source: Competitive Market 360 Sell-out Q3, SOM BMS
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#1 ACROSS ALL DIVISIONS LUXE CONSUMER PRODUCTS DERMATOLOGICAL BEAUTY PROFESSIONAL PRODUCTS Source: FY 2025, Luxe 100% MKT, CPD Nielsen, LDB Medical 360, PPD Circana
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L’OREAL WOB 31% MARKET WOB 28% HAIR L’OREAL WOB 30% MARKET WOB 37% SKINCARE L’OREAL WOB 26% MARKET WOB 23% MAKEUP L’OREAL WOB 13% MARKET WOB 12% FRAGRANCE #1 ACROSS ALL CATEGORIES Source: Market360 YTD Q3 Sell-out excluding Hygiene / L’Oreal YTD Q3 Sell-out Market360
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REDKEN LOREAL PARIS GARNIER COMPETITOR COMPETITOR MAYBELLINE COMPETITOR LOREAL PARIS COMPETITOR COMPETITOR MAKEUP #3 #1 TOP RANKINGS BRANDS HAIR SKINCARE FRAGRANCE #1 #2 #3 CERAVE COMPETITOR LA ROCHE- POSAY SKINCEUTICALS COMPETITOR #1 #3 #4 YSL COMPETITOR COMPETITOR VALENTINO COMPETITOR #1 #4 Source: Market360 FY 2025 Sell-out
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STATE OF THE U.S. BEAUTY MARKET
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2025 Worldwide Beauty Market at a Glance 2025 SELL IN, TOTAL BEAUTY MARKET (BILLION €) MARKET (€) % WEIGHT %CHG WORLD 100.0% ~+3.5% UNITED STATES 74.4 26% +4% CHINA 42.3 15% +1% JAPAN 19.9 7% +3% BRAZIL 11.9 4% +6% UK - IRELAND 10.1 4% +3% FRANCE 9.3 3% +2% Source: BMS World-Wide 2025 U.S. #1 BEAUTY MARKET IN SIZE & GROWTH WORLDWIDE
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2015-2019 2020 2021-2023 2024-2025 HISTORICAL U.S. BEAUTY MARKET BACK TO PRE-COVID DYNAMISM %POPULATION: %BEAUTY SPEND: PRE-COVID ERA PEAK COVID REVENGE SPENDING & INFLATIONARY PERIOD THE NORMALIZATION +4% CAGR +10% CAGR +4% CAGR Source: BMS World-Wide Sell in including Hygiene -4%
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BEAUTY IS THE PREFERRED CATEGORY FOR THE CONSUMER Source: Circana FY 2025 $ CHANGEU CHANGE VIDEO GAMES TOYS MASS BEAUTY PRESTIGE BEAUTY RETAIL FOOD & BEVERAGE NON EDIBLE CPG2 AUTO AFTERMARKET PARTS/TIRES FOOTWEAR SPORTS EQ JUVENILEACCESSORIES TOTAL RETAIL 7% 6% 5% 4% 3% 2% 1% 1% 0% 0% 2% 3% 4% 4% 5% 2% -7% 3% 2% 4% 0% -1% -1% -3% -6% -3% -1% -3% -5% -7% -8% FLAT SMALL APPLIANCES TECH HOUSE- WARES OFFICE SUPPLIES APPAREL 0% 0%
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L’OREAL U.S. GAINING MOMENTUM WITH ALL 4 DIVISIONS OUTPACING THE MARKET FY 2025 MKT LUXE MKT LDB MKT PPD MKT CPD PPD +8% VS MKT +1.8% CPD +5% VS MKT +2% LUXE +3% VS MKT +2% LDB +4% VS MKT +1.5% Source: PPD sell in Kline FY 2025, CPD F4 market FY 2025, LUXE 100% market FY 2025, LDB Medical360 FY 2025
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WINNING IN THE MOST DYNAMIC CONSUMER MARKET IN THE WORLD
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MILLENIAL HISPANIC BOOMER MEN 16% U.S. POPULATION 20% U.S. POPULATION 32% U.S. POPULATION19% U.S. POPULATION 50% U.S. POPULATION GEN Z THE AMERICAN CONSUMER IS DYNAMIC & DIVERSE Source: US Census Data
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>50% OF GEN ALPHA ARE NON- WHITE OR HISPANIC** >40% OF BEAUTY SPEND DRIVEN BY MILLENIALS AND YOUNGER* 30% OF BEAUTY SPEND FROM AFFLUENT CONSUMERS VS. 6% OF U.S. POP*** >55% OF AFFLUENT BEAUTY CONSUMERS ARE <45 YRS OLD*** *NIELSEN HH BEAUTY PANEL **U.S. CENSUS DATA ***SURVEYED 2,700 WOMEN IN U.S. AMERICA’S BEAUTY BOOM: INCREASINGLY YOUNG, DIVERSE, & AFFLUENT
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1 in 4 PEOPLE ARE 65+ ** 36% OF BEAUTY SPEND DRIVEN BY 55+* 5 pts GREATER THAN U.S. POPULATION* *NIELSEN HH BEAUTY PANEL **U.S. CENSUS DATA WITH HIGH-SPENDING POWER STILL AMONG 55+ Like 80% invest / engage in beauty
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LEVERAGING OUR DYNAMIC PORTFOLIO TO CONNECT WITH CORE CONSUMERS & GROWING SEGMENTS GEN Z MILLENIAL HISPANIC BOOMER MEN
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LAUNCHING CONSUMER-FIRST INNOVATION TO CONNECT WITH THE AMERICAN BEAUTY CONSUMER GEN Z MILLENIAL HISPANIC BOOMER MEN
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DIVERSE OFFERING ACROSS PRICE TIER, CONSUMER & CHANNEL <$15 >$300
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CREATING THE MAGIC CONSUMER CONNECTION
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AUTHENTICALLY CONNECTING WITH OUR CONSUMER BREAKING THROUGH WITH BOLD CREATIVITY MOVING AT THE SPEED OF CULTURE SCALING CREATORS WITH EARNED-FIRST
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ADDRESSING THE OMNI-CHANNEL CONSUMER
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FROM THE DIGITAL REVOLUTION OF RETAIL FUELING THE OMNI-CHANNEL EXPERIENCE 2015 2025 YTD ECOMM 35% WOB B&M 65% WOB 35% WOB 88% WOB 12% WOB THE DIGITAL REVOLUTION OF RETAIL +23% PTS IN 10 YEARS +6% +14% MARKET LOREAL L’ORÉAL DOMINATING IN ECOMMERCE +2X GROWTH VS. THE MARKET 2025 Source: Market 360 FY 2025
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TTL SKIN MU HAIR FRAG #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #3 #3 #1 #1 #2 #1 #5 #2 #1 #1 MAXIMIZING GROWTH CHANNELS DOMINATING MAJOR ECOMM PLAYERS WINNING ACROSS KEY PARTNERS IN BOTH NEW & EXISTING CHANNELS Source: (Amazon): Profitero YTD 2025 though November, (WMT, Sephora, Ulta, Target): Rakuten YTD 2025 through November
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21% 19% 15% 11% 29% 27% 23% 17% BEAUTY HEALTH & WELLNESS GROCERY HOUSEHOLD SUPPLIES 25-Apr 25-Oct TO THE AI REVOLUTION OF RETAIL RESHAPING THE WAY CONSUMERS SHOP 29% OF CONSUMERS USE AI TO SHOP & EXPLORE BEAUTY +8% PTS IN 6 MOS HOW L’OREAL U.S. IS LEADING IN AN AI WORLD & THE KEY PILOT PARTNER X X
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B&M REMAINS DRIVER OF DISCOVERY ELEVATING THE CONSUMER JOURNEY DIVERSE FOOTPRINT & DIFFERENTIATED CONSUMER TARGETS
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+ CONSUMERS + CONNECTION + CONVERSION 13% SOM L’OREAL’S GROWTH POTENTIAL GAINING MARKET SHARE Source: BMS FY 2025
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THANK YOU!