2024 universal registration document

L’Oréal has delivered another year of unwavering performance, amidst a turbulent global economy. Our strengthened leadership position and compelling results are a testament to the resilience of our business model, fuelled by our teams’ creativity, agility and passion. We once again outperformed the global beauty market, delivering like-for-like growth of +5.1%. I’d like to highlight the continued quality of our P&L management, with a record operating margin of 20%, up +20 basis points despite a volatile environment.

Consistent with our dual excellence ambition, we've continued to make progress towards our social and environmental commitments. In 2024, 4.5 million people benefitted from our brands’ social engagement programmes and 97% of the energy powering our sites⁽¹⁾ came from renewable sources. We also launched pioneering initiatives such as the Solstice fund, with Chenavari Investment Managers, in which we have invested €50 million, to support our industrial partners in accelerating their decarbonisation efforts. Our efforts have been recognized, for instance with the EcoVadis Platinum Medal, which ranked L’Oréal in the global top 1% of best companies in terms of environmental and social performance.

2024 was a pivotal year as we laid the foundations for the next chapter in the great L'Oréal Adventure. We strengthened our Research & Innovation capabilities with AI and tech, optimised our organisational structure and enhanced our operational resilience. We also bolstered our portfolio of desirable brands by acquiring the Miu Miu license and Dr.G, a leading Korean skincare brand, and took minority stakes in Galderma, Amouage, and Jacquemus.

All this will allow us to go ever faster and further to reach 2 billion consumers within the next decade.  To achieve this, we will invest further in markets with favourable economic and demographic trends; engage dynamic consumer groups such as Gen-Z, men, and boomers; and explore promising technologies, in line with our mantra to 'seize what's starting'.

I am confident in our growth momentum and optimistic for the future, as we continue in our ambition to create the beauty that moves the world.