Message from Jean-Paul Agon

Chairman of the Board of Directors

L’Oréal has continued to demonstrate the excellence of its model and its teams.

In a world where instability has become the norm, the beauty market remains dynamic and resilient. L’Oréal has once more significantly strengthened its position as world leader. The Group has continued to demonstrate the excellence of its business model and its teams, whom I would like to thank from the bottom of my heart.

L’Oréal’s fundamentals are our strength and our difference: our obsession with research, innovation and quality; a dual commitment to business and society; a people-centered culture; listening to consumers; creating value that benefits all.

Another inherent asset is the tremendous quality of the executive team, whom I congratulate. Nicolas Hieronimus is a great captain, always improving the navigation of the L’Oréal ship and its focus on new horizons. I would like to pay tribute to his remarkable leadership in enabling the Executive Committee and all L’Oréal teams to harness tailwinds together.

The solidity of our governance and shareholder base is also key, wholly focused on L’Oréal’s long-term interests. The perfectly complementary roles of Chairman and CEO are a guarantee of the company’s success and longevity. More than ever, the ability to rely on the diverse perspectives and expertise of our Board members is crucial. Their insights help us to decipher the complexity of the world and shape L’Oréal’s future. This year, the Board of Directors paid particular attention to growth risks and opportunities in Asia and emerging markets, along with the progress of our sustainable and inclusive transformation programme, L’Oréal for the Future. It also considered the requirements of new European sustainability reporting standards.

Our commitments and values are equally essential drivers. Our employees, each in their own field, have further accelerated the implementation of positive-impact projects to rise to the challenges the world faces.

Above all, I want to highlight the extraordinary commitment of our teams. Once again this year they have surpassed themselves. Their entrepreneurial spirit, creativity and sense of ethics and responsibility will always be the lifeblood of our company.

For nearly 115 years, L’Oréal has actively built on stable pillars and an ability to adapt with phenomenal speed to an ever-shifting world.

As a result, I have every confidence in the future of our company.

L’Oréal gives hundreds of millions of people the freedom to be who they want to be and the power to feel good.

This is what drives us to pursue this exciting and inspiring adventure in beauty.