L'oreal S.a. · EURONEXT:OR
L'oreal — L'Oreal Co Eur Ord — Q4 2025 Earnings Presentation
91 slides from L'oreal's earnings presentation, Feb 13, 2026
Slide 1: Nicolas Hieronimus, Chief Executive Officer
Nicolas HIERONIMUS Chief Executive Officer
Slide 2: Performing, Transforming, Acceleration
PERFORMING TRANSFORMING ACCELERATION TO PREPARE FUTURE GROWTH ENGINES
Slide 3: Slide 3
Slide 4: Leadership
DERSHIP
Slide 5: 2025 like-for-like sales growth
1 1 2025 like-for-like sales growth.
Slide 6: Growth versus market
+4% 2 ~ +3.5% 1 MARKET 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.
Slide 7: Quarterly like-for-like sales growth
+4.9% +5% 1 +3.7% +2.6% Q1 Q2 Q3 Q4 1 2025 like-for-like sales growth, adjusted for the phasing related to the 2024 and 2025 IT transformation.
Slide 8: Step-up in innovation
LOREAL ELVIVE ANTHELIOS. GYMURE'S30,
Slide 9: Gradual market improvement
GRADUAL MARKET IMPROVEMENT MARKET 1 9M2025 FY2025 ~+3% ~+3.5% 1 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate.
Slide 10: 3 divisions beating their market
3 DIVISIONS MARKET MARKET +7.5% ~+2.5% +2.8% ~+1% 1 2 1 2 BEATING THEIR MARKET MARKET MARKET +5.5% ~+5% +3.5% ~+5% 1 2 1 2 1 2025 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 rat
Slide 11: Second-half acceleration in US & China
SECOND-HALF ACCELERATION IN US & CHINA US MAINLAND CHINA H1 2025 H2 2025 H1 2025 H2 2025 +2% +4% +1% +5% 1 1 1 1 1 2025 like-for-like sales growth.
Slide 12: Continued conquests in emerging markets
CONTINUED CONQUESTS IN EMERGING MARKETS 17% OF SALES 1 ~40% 1 OF SALES GROWTH 1 Based on 2025 net sales.
Slide 13: Strong growth relays
STRONG GROWTH RELAYS GCC CLUSTER MEXICO BRAZIL 5 6 7 TH TH TH CONTRIBUTOR CONTRIBUTOR CONTRIBUTOR TO GROWTH 1 TO GROWTH 1 TO GROWTH 1 1 Based on 2025 net sales.
Slide 14: E-commerce driving growth
E-COMMERCE DRIVING GROWTH MARKET +13% ~+8% 1 2 30% OF SALES 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.
Slide 15: Digital leadership in SAPMENA
DIGITAL LEADERSHIP IN SAPMENA 25% 1 E-COMMERCE +500 Bps 2 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 Year-on-year increase (as a % of sales).
Slide 16: We are growing in D2C, pure players, e-retail
D2C WE ARE GROWING IN… PURE PLAYERS E-RETAIL
Slide 17: Mastering the influencer game
MASTERING THE INFLUENCER GAME 300K INFLUENCERS
Slide 18: Reinventing our creative playbook
REINVENTING OUR CREATIVE PLAYBOOK PARTNERSHIP
Slide 19: Beautytainment
BEAUTYTAINMENT MOVING AT THE SPEED OF CULTURE
Slide 20: Virtuous P&L
TOP-LINE GROWTH STRONG A&P INVESTMENTS VIRTUOUS RECORD HIGH GROSS MARGIN P&L STEADY IMPROVEMENT IN PROFIT CONTROLLED SG&A
Slide 21: Dividend in euros
DIVIDEND IN EUROS Loyalty bonus +10% 7.20 1 Dividend increase for shareholders 7.00 +2.9% who have continuously held shares in registered 6.60 form for at least two full calendar years 6.00 4.80 3.85 3.85 4.00 3.55 3.30 3.10 2.70 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Proposed
Slide 22: Sustainability leader
Climate =a SUSTAINABILITY i : TICDP i % vad = '* LEADER. = JAN 2026 Cs 2025 ae FORA 4 a 4 cS
Slide 23: Transforming to prepare future growth
TRANSFORMING TO PREPARE FUTURE GROWTH
Slide 24: 2025: a record year of investment
2025: A RECORD YEAR OF INVESTMENT TECH & AI R&I ACQUISITIONS
Slide 25: 2025: a record year of tech investment
2025: A RECORD YEAR OF TECH INVESTMENT €1.5Bn 1 SCALE IN 2025 AGILITY & SPEED 1 Internal data.
Slide 26: Scaling AI use-cases to deliver strong value
SCALING AI USE-CASES TO DELIVER STRONG VALUE
Slide 27: AI creates value for the consumer
CREATES VALUE FOR THE CONSUMER
Slide 28: Referent source of beauty knowledge for LLMs
SET TO BE THE REFERENT SOURCE OF BEAUTY KNOWLEDGE FOR LLMs t e s afes ? th ds ha t are re bran y sou? W kinca I help ca n ndst a s How e n tltheebsr afe s? t - sthyalet gare re birnaensdfor rone logis W skincc ades l ma-p . a to I n lu ecze options Derm a y – a n d e -Pose-proneance-fre d a R o c he
Slide 29: AI creates value for our main functions
CREATES VALUE FOR OUR MAIN FUNCTIONS INCREASE L’ORÉAL’S COMPETITIVE MOAT
Slide 30: Maximizes our media ROI
MAXIMIZES OUR MEDIA ROI MAXIMIZES ROI BY 10-15%(YEAR 1) 10 COUNTRIES IN 2026 > 50% OF OPTIMIZABLE A&P IN 2026 1 Internal data.
Slide 31: Accelerates our R&I discoveries
ACCELERATES OUR R&I DISCOVERIES MORE MOLECULES TESTED IN THE LAST 12 MONTHS PARTNERSHIP THAN IN THE PREVIOUS 5 YEARS 1 Internal data.
Slide 32: Creates value for our employees
CREATES VALUE FOR OUR EMPLOYEES 65,000+ USERS 9,000 AI COMPANIONS 1 Internal data.
Slide 33: Creates value for the company
CREATES VALUE FOR THE COMPANY
Slide 34: A record year of innovation
A RECORD YEAR OF INNOVATION WEIGHT OF LAUNCHES +150 Bps 1 725 PATENTS IN 2025 1 The incremental percentage of total sales stemming from products launched over the last twelve months.
Slide 35: Europe's companies
EUROPE’S COMPANIES
Slide 36: Record year in acquisitions
RECORD YEAR IN ACQUISITIONS AFTER EXPIRATION OF COTY LICENSE PARTICIPATION
Slide 37: Filling gaps in our portfolio
FILLING GAPS IN OUR PORTFOLIO MEDICAL LUXURY STYLING
Slide 38: Cementing our luxury leadership
CEMENTING OUR LUXURY LEADERSHIP AFTER EXPIRATION OF COTY LICENSE
Slide 39: Premium to accessible price points
PREMIUM PRICE POINT HEALTH GLAMOUR ACCESSIBLE PRICE POINT Acquisitions: subject to customary approvals and forthcoming closing of the transaction.
Slide 40: Opening new growth opportunities
OPENING NEW GROWTH OPPORTUNITIES LONGEVITY 20% SCIENTIFIC PARTNERSHIP PARTICIPATION PARTNERSHIP
Slide 41: L'Oréal is stronger than ever
VOREAL IS STRONG THAN EVE
Slide 42: Acceleration engines
“Ww ACCELERATION ENGINES
Slide 43: Beauty consumers increase
BEAUTY CONSUMERS INCREASE OBJECTIVE 2Bn L’ORÉAL CONSUMERS GROWING IN THE NEXT DECADE EMERGING MIDDLE CLASS < 25 60+ + 400M + 125M + 170M POTENTIAL CONSUMERS BY 2030 World Data Lab.
Slide 44: E-commerce penetration
E-COMMERCE PENETRATION ACCELERATION
Slide 45: Price ladders are stretching
PRICE LADDERS ARE STRETCHING
Slide 46: Routines & protocols are sophisticating
ROUTINES & PROTOCOLS ARE SOPHISTICATING EXPLOSION OF A GLOBAL OBSESSION WITH BEAUTY CONVERSATIONS HEALTH & LONGEVITY
Slide 47: Strong appetite for beauty dopamine
STRONG APPETITE FOR BEAUTY DOPAMINE
Slide 48: Diversity creates new needs
DIVERSITY CREATES NEW NEEDS 900M PEOPLE WITH TEXTURED HAIR IN 2025 1.3Bn PEOPLE WITH TEXTURED HAIR IN 2040 L’Oréal Global Usage Tracker (powered by Harris Interactive).
Slide 49: Always ready to surf the trends
ALWAYS READY TO SURF THE TRENDS
Slide 50: Haircare sophistication
HAIRCARE SOPHISTICATION MULTIDIVISION CONQUEST PLAN
Slide 51: Haircare breakthrough innovations
HAIRCARE BREAKTHROUGH INNOVATIONS OUTPERFORMING THE MARKET 1 OVER THE LAST 6 YEARS 2.5x 2 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.
Slide 52: Haircare: all divisions leveraging their strength
HAIRCARE ALL 3 DIVISIONS LEVERAGING THEIR STRENGTH x2 HISTORIC GROWTH 3RD CONSECUTIVE YEAR DERMATOLOGICAL HAIRCARE AVERAGE OF DOUBLE-DIGIT GROWTH DOUBLE-DIGIT GROWTH Like-for-like growth over the last 15 years.
Slide 53: Haircare new 2026 innovations
HAIRCARE NEW 2026 INNOVATIONS
Slide 54: Consumer recruitment and increasing profit contributor
HAIRCARE CONSUMER RECRUITMENT & INCREASING PROFIT CONTRIBUTOR
Slide 55: Seizing the new styling trend
HAIRCARE SEIZING THE NEW STYLING TREND >10 Bn VIEWS COLOR WOW ACQUISITION PER MONTH GLOBAL LEADERSHIP POSITION
Slide 56: Fragrances boom
FRAGRANCES BOOM BUILDING A UNIQUE POWERHOUSE
Slide 57: Fragrances boosted by young consumers
FRAGRANCES FRAGRANCES BOOSTED BY YOUNG CONSUMERS
Slide 58: Rise of haute parfumerie
FRAGRANCES RISE OF HAUTE PARFUMERIE
Slide 59: Fragrance trend across the globe
FRAGRANCES FRAGRANCE TREND ACROSS THE GLOBE
Slide 60: Global leader in luxury fragrance
FRAGRANCES GLOBAL LEADER IN LUXURY FRAGRANCE
Slide 61: Success stories
FRAGRANCES COUTURE BILLIONAIRE BRAND 1 BILLIONAIRE BRAND 1 SUCCESS STORIES LAUNCH IN 2019 LAUNCH IN 2021 > €700M > €700M 1 1 1 Based on 2025 sales.
Slide 62: Top 3 feminine fragrances in Europe
FRAGRANCES TOP 3 FEMININE FRAGRANCES IN EUROPE #1 #2 #3 Panel consolidation Europe Circana / Nielsen / Market Vector.
Slide 63: Breaking records with men
FRAGRANCES BREAKING RECORDS WITH MEN
Slide 64: Replicate the Couture winning recipe
FRAGRANCES REPLICATE THE COUTURE WINNING RECIPE AFTER EXPIRATION OF COTY LICENSE
Slide 65: Fully cover the market
FRAGRANCES FULLY COVER THE MARKET HAUTE PARFUMERIE MISTS
Slide 66: Make-up: speed & creativity
MAKE-UP IT’S ALL ABOUT SPEED & CREATIVITY
Slide 67: Make the trend, make the market
MAKE-UP MAKE THE TREND MAKE THE MARKET CPD BRANDS MAKE-UP ACCELERATION IN US ALL BRANDS OUTPACING THE MARKET 7% 6% 1% +0.5% 0% Q1 Q2 Q3 Q4 -1% -3% -5% MKT CPD MAKEUP 2025 sell-out.
Slide 68: Acceleration of launches
MAKE-UP ACCELERATION OF LAUNCHES STRONG CPD DYNAMIC LUXE COUTURE BRANDS IN THE US SUCCESS
Slide 69: Make-up 2026 innovations
MAKE-UP 2026 INNOVATIONS
Slide 70: Activating at the speed of culture
ACTIVATING MAKE-UP AT THE SPEED OF CULTURE
Slide 71: Satisfy & recruit all consumers
MAKE-UP SATISFY & RECRUIT ALL CONSUMERS ALL PRICE POINTS, ALL BEAUTY ARCHETYPES COUTURE ADDICTS GEN Z WORKING WOMEN
Slide 72: Skincare: bridging health & beauty
SKINCARE BRIDGING HEALTH & BEAUTY PIONEERING LONGEVITY
Slide 73: Biggest acceleration opportunity in skincare
SKINCARE BIGGEST ACCELERATION OPPORTUNITY IN SKINCARE
Slide 74: Strong track record in skincare
SKINCARE STRONG TRACK RECORD IN SKINCARE MARKET SHARE EVOLUTION ~15% 2017 2018 2019 2020 2021 2022 2023 2024 2025 BMS 2025.
Slide 75: LDB skincare acceleration
SKINCARE LDB SKINCARE ACCELERATION +11% +4.5% +2.5% +2 % Q1 Q2 Q3 Q4 LDB skincare 2025 like-for-like sales growth.
Slide 76: LDB skincare victories
SKINCARE LDB SKINCARE VICTORIES US TURNAROUND NEW BILLIONNAIRE BRAND H2 2025 REBOUND
Slide 77: Unique portfolio
SKINCARE TO €450 2 UNIQUE PORTFOLIO MULTIPLE PRICEPOINTS FROM €3 1 1 Brazil price in EUR equivalent. 2 China price in EUR equivalent.
Slide 78: Recruit new consumers
SKINCARE RECRUIT NEW CONSUMERS ACCOMPANYING EXISTING IN EMERGING CONSUMERS IN AGING JOURNEY
Slide 79: Global roll-out of acquisitions
SKINCARE GLOBAL ROLL-OUT OF ACQUISITIONS K-BEAUTY SCIENCE-DRIVEN LUXURY
Slide 80: Multi-division attack on body
SKINCARE MULTI-DIVISION ATTACK ON BODY PREMIUMIZATION
Slide 81: Longevity is reshaping skincare
SKINCARE LONGEVITY IS RESHAPING THE CONSUMER SKINCARE LONGEVITY INTEGRATIVE SCIENCE 15 YEARS OF ADVANCED RESEARCH
Slide 82: Longevity: advanced beauty protocols
SKINCARE LONGEVITY: ADVANCED BEAUTY PROTOCOLS DIAGNOSTIC TOOLS TOPICALS DEVICES SUPPLEMENTS
Slide 83: Ground-breaking research in the pipe
SKINCARE GROUND-BREAKING RESEARCH IN THE PIPE ADVANCED RESEARCH RESEARCH PARTNERS SCIENTIFIC PARTNERSHIP
Slide 84: Stronger than ever
STRONGER THAN EVER. *
Slide 85: Dynamic beauty market, outperformance objective
DYNAMIC BEAUTY MARKET OUTPERFORMANCE OBJECTIVE GROWTH ACCELERATION STRONG INNOVATION PIPELINE MULTIDIVISION STRATEGY
Slide 86: The future looks bright: attractive beauty market
THE FUTURE LOOKS BRIGHT: HIGHLY ATTRACTIVE BEAUTY MARKET NEW SERVICES NEW CATEGORIES NEW TECHNOLOGIES
Slide 87: Beauty across all ages
BEAUTY ACROSS ALL AGES
Slide 88: Across categories, channels, regions
ACROSS CATEGORIES ACROSS CHANNELS ACROSS REGIONS
Slide 89: Unique combination of scale & agility
UNIQUE COMBINATION OF SCALE & AGILITY
Slide 90: Unique passion, expertise, culture & fighting spirit
UNIQUE PASSION EXPERTISE CULTURE & FIGHTING SPIRIT
Slide 91: Disclaimer
DISCLAIMER “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