EXTRACT FROM CHAIRMAN’S SPEECH
L’Oréal’s business model is resilient. It is the key to creating value for all.
“Ladies and Gentlemen, Dear Shareholders,
Your Company is firmly focused on the future, driven by the constant desire to innovate, combined with the strength and determination embedded in its DNA. We do not yield to the world’s uncertainty. On the contrary, we reaffirm both our ambition and our commitments.
Your Company consolidated its position as the world’s No.1 beauty group and delivered strong earnings growth in 2024. L’Oréal’s business model is resilient. It is the key to creating value for all.
The quality of our results enables us to propose a dividend of €7 per share, up +6.1%, with a record share of profits dedicated to dividends of 55.3%. In 2024, over 120,000 new individual shareholders invested in L’Oréal. The Group’s long-standing shareholders are well aware of the long-term performance of the L’Oréal stock: over the last 15 years, the total shareholder return has exceeded 12% per year and invested capital has increased fivefold. As Chairman, I am proud to see the Group’s constant appeal, and I would like to thank you for your trust.
We are committed to building an ever-closer relationship with our shareholders. The Individual Shareholder Relations team has developed a range of educational content designed with you in mind. It has also launched the “Rendez-Vous Extraordinaires”, giving individual shareholders the opportunity to attend exclusive events. More sharing, more proximity, more trust - that is the promise we renew to you, year after year.
Once again this year, the contribution of 90,000 “L’Oréalians” was exemplary. They are a model of agility, perseverance and boldness. Together, they are the finest team in the world of beauty. I would like to thank them and extend my warmest congratulations. Their commitment to L’Oréal is total – and so is our confidence in them. That is why we have decided to annualise our employee share ownership plan, both in France and internationally. It is a fair way to share the rewards of their strong dedication, align their interests with yours and involve them more closely in the future of your Company.
Our teams are shaping the L’Oréal of tomorrow, while bringing to life the vision of the responsible corporate citizen we are determined to remain. L’Oréal is fully committed to tackling the universal challenges of our time – climate, equity and respect for difference.
L’Oréal will continue to pursue its strategy of dual excellence. L’Oréal will continue to shape the future of beauty.
Your Company is united by an unwavering vision and principles: an ambition for sustainable and responsible growth, excellence, scientific and technological innovation, quality, a humanistic culture and a sense of duty.
The future is being written now. On behalf of the Group, I am happy and proud to be writing it with you.”
A highlight of the meeting was the tribute paid to Françoise Bettencourt Meyers, a director of L’Oréal for 28 years (extracts):
“Your contribution has been decisive to L’Oréal’s economic success over nearly three decades. You have accompanied the company’s development, providing it with both the ambition and the means to grow and thrive on an ongoing basis.
You have also been the guardian of the L’Oréal spirit. Your primary concern – and that of Jean-Pierre Meyers at your side – has always been the well-being and fulfilment of the company’s employees. You have promoted employee share ownership and the idea that the Group’s success should be shared with those who make it happen, aligning their interests with those of all shareholders.
You have passed on the flame that drives you to your two sons. This remarkable continuity is an invaluable asset for the Group. The greatness of L’Oréal has been your family’s credo for 116 years. It has been yours from the very beginning. I know that it will continue to guide you, because you are not leaving L’Oréal, just its Board of Directors.
On behalf of the members of the Board, all L’Oréal’s shareholders and all “L’Oréalians”, I would like to express our deep respect, our sincere admiration and our warmest thanks for your immense contribution.”
