L'oreal S.a. · EURONEXT:OR
L'oreal — L'Oreal Co Eur Ord — H1 2026 Earnings Presentation
46 slides from L'oreal's earnings presentation, Jul 30, 2026
Slide 1: Nicolas Hieronimus, Chief Executive Officer, 30 July 2026
Nicolas HIERONIMUS Chief Executive Officer 30 July 2026
Slide 2: Strong first half, confidence in second half, stronger than ever
CONFIDENCE STRONGER STRONG IN THE THAN EVER FIRST HALF SECOND HALF TO KEEP WINNING
Slide 3: Strong first half
| STRONG FIRST HALF
Slide 4: L'Oréal growth acceleration
L’ORÉAL GROWTH ACCELERATION +6.5% 1 1 +4.9% 1 +3.2% 1 H1 2025 H2 2025 H1 2026 1 Adjusted like-for-like growth.
Slide 5: Beauty market growth estimates
~+4.5% 1 1 ~+4% 1 ~+3% 1 H1 2025 H2 2025 H1 2026 1 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate.
Slide 6: Dopamine effect of beauty
DOPAMINE EFFECT OF BEAUTY -_ \MF CUTS GROWTH OUTLOOK, WARNS WORLD ALREADY DRIFTING TOWARD MORE ADVERSE SCENARIO
Slide 7: Geographies driving market growth
GEOGRAPHIES DRIVING MARKET GROWTH NORTH NORTH EUROPE SAPMENA LATIN AMERICA ASIA AMERICA MAINTAINING BELOW 2025 ABOVE 2025 THE RHYTHM BUT STABILIZING
Slide 8: L'Oréal significantly outperforming the market
L’ORÉAL SIGNIFICANTLY OUTPERFORMING THE MARKET ~+4.5% +6.5% 1 2 MARKET L’ORÉAL 1 L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate. 2 H1 2026 adjusted like-for-like growth.
Slide 9: SAPMENA-SSA: steady growth in emerging markets
STEADY GROWTH IN EMERGING MARKETS SAPMENA-SSA +13.8% 1 H1 2026 >+50% +17% 2 2 H1 2026 H1 2026 1 Adjusted like-for-like growth. VIETNAM INDIA 2 H1 2026 like-for-like growth.
Slide 10: North Asia
NORTH ASIA +4.6% 1 +1.7% 1 -0.6% 1 H1 2025 H2 2025 H1 2026 CHINA +10% 2 H1 2026 1 Adjusted like-for-like growth. 2 Like-for-like growth.
Slide 11: H1 2026 growth at 2x market
+11.6% 1 H1 2026 2x MARKET 2 1 Adjusted like-for-like growth. 2 BMS H1 2026.
Slide 12: Double-digit growth for RD
+10.6% 1 H1 2026 DOUBLE-DIGIT GROWTH FOR 3 RD CONSECUTIVE QUARTER 1 Adjusted like-for-like growth.
Slide 13: #1 growth contributor
#1 GROWTH HIGH 20s MID-TEENS MID-TEENS CONTRIBUTOR GROWTH GROWTH GROWTH H1 2026 like-for-like growth.
Slide 14: H1 2026 growth above 30%
>+30% 1 H1 2026 1 H1 2026 like-for-like growth.
Slide 15: Categories driving growth
CATEGORIES DRIVING GROWTH HAIRCARE FRAGRANCE +15.6% 1 STRONG PILLARS STRONG LAUNCHES +10.3% 1 H1 2026 H1 2026 1 Like-for-like growth.
Slide 16: Innovation: weight of launches
SUCCESS FACTOR 1 WEIGHT OF LAUNCHES ~+100 Bps ~+200 Bps INNOVATION H1 2025 H2 2025 ~+250 Bps H1 2026
Slide 17: E-commerce success factor
SUCCESS FACTOR 2 E-COMMERCE MARKET +18% ~+10% 1 2 31% OF SALES 1 1 H1 2026 like-for-like growth. 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 H1 202
Slide 18: Beauty experience
BRICK & MORTAR BEAUTY EXPERIENCE
Slide 19: Consumer engagement
SUCCESS FACTOR 3 CONSUMER SHARE OF ENGAGEMENT INFLUENCE 29% 1 1 YTD 2026, source: CDMO L’Oréal.
Slide 20: Multidivision category conquest: haircare
SUCCESS FACTOR 4 MULTIDIVISION CATEGORY CONQUEST HAIRCARE
Slide 21: Multidivision category conquest: skincare
MULTIDIVISION CATEGORY CONQUEST SKINCARE +5.8% 1 H1 2026 1 H1 2026 like-for-like growth.
Slide 22: Virtuous P&L
SUCCESS FACTOR 5 TOP-LINE GROWTH STRONG A&P INVESTMENTS VIRTUOUS RECORD GROSS MARGIN +70 Bps P&L 74.8% IMPROVEMENT IN OPERATING PROFIT CONTROLLED SG&A 21.3% (+20 Bps) -70 Bps
Slide 23: Slide 23
Slide 24: Beauty market to remain dynamic
BEAUTY MARKET TO REMAIN DYNAMIC +8% +8% +6% +6% +5% +5% +4.5% +4% +4% +4% +4% +3.5% 2020 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024 2025 2026 -8% L’Oréal beauty market estimates based on manufacturer’s net prices, excluding soap, toothpastes, razors and blades. At constant exchange rate.
Slide 25: Summer is hot
K | KERASTASE ————
Slide 26: Beauty stimulus plan continues
BEAUTY STIMULUS PLAN CONTINUES
Slide 27: Continued roll-out of skincare
CONTINUED ROLL-OUT OF SKINCARE
Slide 28: Leveraging recent acquisitions
LEVERAGING RECENT ACQUISITIONS 1 1 Subject to regulatory approvals.
Slide 29: China travel retail recovery, Q4 comps
CHINA TRAVEL RETAIL RECOVERY Q4 COMPS
Slide 30: Stronger than ever to keep winning
STRONGER THAN EVER TO KEEP WINNING
Slide 31: Feel good, live well: beauty's twin engine
FEEL GOOD, LIVE WELL BEAUTY’S TWIN ENGINE DOPAMINE EXPERIENCE HEALTH & LONGEVITY
Slide 32: Dopamine: master the olfaction and texture game
DOPAMINE: MASTER THE OLFACTION & TEXTURE GAME
Slide 33: Best-in-class R&I pioneering new health needs
BEST-IN-CLASS R&I PIONEERING NEW HEALTH NEEDS
Slide 34: Longevity
LONGEVITY EAL GEVITY TEGRATIVE BSCIENCE eee ERA 9 Ke” als a RASTASE oe g ¥
Slide 35: GLP-1 specific launches
GLP-1 SPECIFIC LAUNCHES
Slide 36: Adjacencies: acceleration in body care
ADJACENCIES: ACCELERATION IN BODY CARE
Slide 37: Adjacencies: extension to supplements
ADJACENCIES: EXTENSION TO SUPPLEMENTS
Slide 38: On board from Q3 2027
ON BOARD FROM Q3 2027
Slide 39: Success stories
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 40: Number of molecules tested means accelerated innovation
MEANS ACCELERATED INNOVATION NB MOLECULES TESTED ≈ 10,000 molecules tested in 1 years ≈ 3,000 molecules tested over 5 years ≈ 3,000 molecules tested ≈ 100 over 10 years molecules tested over 10 years 1996 2006 2022 2024 2026 PROXYLANE MELASYL AMINEXIL-REGEN NEXT GEN
Slide 41: Means: over 500,000 content creations per month
MEANS > 500,000 CONTENT CREATIONS PER MONTH
Slide 42: Early adopter: holistic AI strategy
EARLY ADOPTER HOLISTIC AI STRATEGY
Slide 43: Seize what's starting
SEIZE WHAT’S STARTING 6-9 JULY 2026 SILICON VALLEY
Slide 44: Conclusion
CONCLUSION L’ORÉAL IS TRULY ONE OF A KIND MARKET BOOSTED BY DEMOGRAPHIC & BEAUTY APPETITE INNOVATION ENGINE AT FULL STEAM DIGITAL MOAT AUGMENTED BY AI BREADTH OF OUR PORTFOLIO
Slide 45: Q&A
Q&A
Slide 46: 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