Message from Jean-Paul Agon

L’Oréal has once again demonstrated its ability to maintain its trajectory of dual performance.

The Group has consolidated its position as the world leader in beauty, sustained its growth and strengthened its margins. Our brand portfolio – already the most diverse in the industry – has been further enriched, opening up formidable new opportunities.

On the corporate citizenship front, our resolve remains intact. This is reflected in the triple A rating awarded by CDP, which L’Oréal is the only company in the world to have achieved over ten consecutive years. I wish to express my immense pride and gratitude to the teams who uphold our commitments on a daily basis.

The strength of the L’Oréal model lies within us, more vibrant than ever. It charts our course, with consistency and loyalty to our values.

Our people are our greatest driving force. Through their unique spirit, their solidarity and their ability to anticipate turbulence, the 95,000 L’Orealians are fully aligned with our ambition, sharing that “extra measure of resilience” so vital for success in today’s world.

The determined leadership of Nicolas Hieronimus and his Executive Committee fosters the drive to act and to transform. Under his impetus, new avenues are emerging to combine growth and market conquest with the power of technologies that will shape the future.

The stability of our governance is our strategic strength for the long term. It was further consolidated in 2025 by the enduring bond between the founding Bettencourt Meyers family and L’Oréal, through the presence on the Board of Jean-Victor Meyers and Nicolas Meyers, alongside the Téthys holding company – L’Oréal’s primary shareholder, where Françoise Bettencourt Meyers acts as chair. In the face of shifting market dynamics, the Board rigorously oversaw the strategy, particularly within the Luxe division and the resilience of our positions in the United States and China. Our annual seminar in India allowed us to witness first-hand its exceptional potential as a future growth engine. The Board also explored the new frontiers of beauty, from longevity to strategic acquisitions.

Steadfastly, L’Oréal will continue to forge its path, driven by its fundamentals – sustainable and responsible value creation, scientific excellence, a people-first culture and a commitment to leading by example – while turning every transformation into a new source of energy.

I have absolute confidence in our fundamental strengths. They are entirely focused on one unwavering goal: to invent the future of beauty with exacting standards and responsibility.