2024 universal registration document

Financial ratios

	2022	2023	2024
Operating profit/Sales (as % of sales)	Operating profit/Sales (as % of sales) 2022 19.5%	Operating profit/Sales (as % of sales) 2023 19.8%	Operating profit/Sales (as % of sales) 2024 20.0%
Net profit excluding non-recurring items attributable to the owners of the Group/ Opening shareholders’ equity(% of shareholders’ equity)	Net profit excluding non-recurring items attributable to the owners of the Group/ Opening shareholders’ equity (% of shareholders’ equity) 2022 25.8%	Net profit excluding non-recurring items attributable to the owners of the Group/ Opening shareholders’ equity (% of shareholders’ equity) 2023 23.9%	Net profit excluding non-recurring items attributable to the owners of the Group/ Opening shareholders’ equity (% of shareholders’ equity) 2024 23.3%
Net gearing⁽¹⁾ (% of shareholders’ equity)	Net gearing ⁽¹⁾ (% of shareholders’ equity) 2022 11.2%	Net gearing ⁽¹⁾ (% of shareholders’ equity) 2023 15.1%	Net gearing ⁽¹⁾ (% of shareholders’ equity) 2024 13.4%
Gross cash flow/Investments	Gross cash flow/Investments 2022 5.4x	Gross cash flow/Investments 2023 5.4x	Gross cash flow/Investments 2024 5.2x

(1) Net gearing: (Current and non-current debt - Cash and cash equivalents) / Shareholders' equity attributable to owners of the company.

L’Oréal 2019-2024

€ millions	2019	2020	2021	2022	2023	2024
Results	Results 2019	Results 2020	Results 2021	Results 2022	Results 2023	Results 2024
Consolidated sales	Consolidated sales 2019 29,874	Consolidated sales 2020 27,992	Consolidated sales 2021 32,288	Consolidated sales 2022 38,260	Consolidated sales 2023 41,183	Consolidated sales 2024 43,487
Operating profit	Operating profit 2019 5,548	Operating profit 2020 5,209	Operating profit 2021 6,160	Operating profit 2022 7,457	Operating profit 2023 8,143	Operating profit 2024 8,687
As a percentage of consolidated sales	As a percentage of consolidated sales 2019 18.6%	As a percentage of consolidated sales 2020 18.6%	As a percentage of consolidated sales 2021 19.1%	As a percentage of consolidated sales 2022 19.5%	As a percentage of consolidated sales 2023 19.8%	As a percentage of consolidated sales 2024 20.0%
Profit before tax excluding non-recurring items	Profit before tax excluding non-recurring items 2019 5,848	Profit before tax excluding non-recurring items 2020 5,485	Profit before tax excluding non-recurring items 2021 6,479	Profit before tax excluding non-recurring items 2022 7,852	Profit before tax excluding non-recurring items 2023 8,451	Profit before tax excluding non-recurring items 2024 8,871
Net profit excluding non-recurring items attributable to the owners of the company	Net profit excluding non-recurring items attributable to the owners of the company 2019 4,357	Net profit excluding non-recurring items attributable to the owners of the company 2020 4,099	Net profit excluding non-recurring items attributable to the owners of the company 2021 4,938	Net profit excluding non-recurring items attributable to the owners of the company 2022 6,054	Net profit excluding non-recurring items attributable to the owners of the company 2023 6,487	Net profit excluding non-recurring items attributable to the owners of the company 2024 6,786
Net profit attributable to owners of the company	Net profit attributable to owners of the company 2019 3,750	Net profit attributable to owners of the company 2020 3,563	Net profit attributable to owners of the company 2021 4,597	Net profit attributable to owners of the company 2022 5,707	Net profit attributable to owners of the company 2023 6,184	Net profit attributable to owners of the company 2024 6,409
Total dividend	Total dividend 2019 2,173	Total dividend 2020 2,268	Total dividend 2021 2,601	Total dividend 2022 3,248	Total dividend 2023 3,565.1	Total dividend 2024 3,779.2⁽³⁾
Balance sheet	Balance sheet 2019	Balance sheet 2020	Balance sheet 2021	Balance sheet 2022	Balance sheet 2023	Balance sheet 2024
Non-current assets	Non-current assets 2019 29,893	Non-current assets 2020 29,047	Non-current assets 2021 30,938	Non-current assets 2022 32,794	Non-current assets 2023 35,530	Non-current assets 2024 39,880
Current assets excl. cash and cash equivalents	Current assets excl. cash and cash equivalents 2019 8,631	Current assets excl. cash and cash equivalents 2020 8,154	Current assets excl. cash and cash equivalents 2021 9,362	Current assets excl. cash and cash equivalents 2022 11,432	Current assets excl. cash and cash equivalents 2023 12,037	Current assets excl. cash and cash equivalents 2024 12,421
Cash and cash equivalents	Cash and cash equivalents 2019 5,286	Cash and cash equivalents 2020 6,406	Cash and cash equivalents 2021 2,714	Cash and cash equivalents 2022 2,618	Cash and cash equivalents 2023 4,288	Cash and cash equivalents 2024 4,052
Equity⁽¹⁾	Equity ⁽¹⁾ 2019 29,426	Equity ⁽¹⁾ 2020 28,999	Equity ⁽¹⁾ 2021 23,593	Equity ⁽¹⁾ 2022 27,187	Equity ⁽¹⁾ 2023 29,082	Equity ⁽¹⁾ 2024 33,138
Net financial position⁽²⁾	Net financial position ⁽²⁾ 2019 (2,399)	Net financial position ⁽²⁾ 2020 (3,859)	Net financial position ⁽²⁾ 2021 3,586	Net financial position ⁽²⁾ 2022 3,033	Net financial position ⁽²⁾ 2023 4,404	Net financial position ⁽²⁾ 2024 4,443
Gross cash flow	Gross cash flow 2019 5,802	Gross cash flow 2020 5,724	Gross cash flow 2021 6,640	Gross cash flow 2022 7,289	Gross cash flow 2023 8,000	Gross cash flow 2024 8,513
Per share data (€)	Per share data (€) 2019	Per share data (€) 2020	Per share data (€) 2021	Per share data (€) 2022	Per share data (€) 2023	Per share data (€) 2024
Diluted earnings per share attributable to owners of the company excluding non‑recurring items	Diluted earnings per share attributable to owners of the company excluding non‑recurring items 2019 7.74	Diluted earnings per share attributable to owners of the company excluding non‑recurring items 2020 7.30	Diluted earnings per share attributable to owners of the company excluding non‑recurring items 2021 8.82	Diluted earnings per share attributable to owners of the company excluding non‑recurring items 2022 11.26	Diluted earnings per share attributable to owners of the company excluding non‑recurring items 2023 12.08	Diluted earnings per share attributable to owners of the company excluding non‑recurring items 2024 12.66
Dividend	Dividend 2019 3.85	Dividend 2020 4.00	Dividend 2021 4.80	Dividend 2022 6.00	Dividend 2023 6.60	Dividend 2024 7.00⁽³⁾
Share price at 31 December⁽⁴⁾	Share price at 31 December ⁽⁴⁾ 2019 264.00	Share price at 31 December ⁽⁴⁾ 2020 310.80	Share price at 31 December ⁽⁴⁾ 2021 416.95	Share price at 31 December ⁽⁴⁾ 2022 333.60	Share price at 31 December ⁽⁴⁾ 2023 450.65	Share price at 31 December ⁽⁴⁾ 2024 341.85
Highest share price during the year⁽⁴⁾	Highest share price during the year⁽⁴⁾ 2019 267.60	Highest share price during the year⁽⁴⁾ 2020 321.40	Highest share price during the year⁽⁴⁾ 2021 433.65	Highest share price during the year⁽⁴⁾ 2022 431.95	Highest share price during the year⁽⁴⁾ 2023 460.00	Highest share price during the year⁽⁴⁾ 2024 461.85
Lowest share price during the year⁽⁴⁾	Lowest share price during the year⁽⁴⁾ 2019 194.55	Lowest share price during the year⁽⁴⁾ 2020 196.00	Lowest share price during the year⁽⁴⁾ 2021 290.10	Lowest share price during the year⁽⁴⁾ 2022 300.45	Lowest share price during the year⁽⁴⁾ 2023 334.30	Lowest share price during the year⁽⁴⁾ 2024 316.30
Diluted weighted average number of shares outstanding⁽⁴⁾	Diluted weighted average number of shares outstanding ⁽⁴⁾ 2019 562,813,129	Diluted weighted average number of shares outstanding ⁽⁴⁾ 2020 561,635,963	Diluted weighted average number of shares outstanding ⁽⁴⁾ 2021 559,791,545	Diluted weighted average number of shares outstanding ⁽⁴⁾ 2022 537,657,548	Diluted weighted average number of shares outstanding ⁽⁴⁾ 2023 537,021,039	Diluted weighted average number of shares outstanding ⁽⁴⁾ 2024 536,078,431

Plus non-controlling interests.
The net cash surplus was €2,399 million in 2019, €3,859 million in 2020, a negative €3,586 million in 2021, a negative €3,033 million in 2022 and a negative €4,404 million in 2023. Net debt was €4,443 million in 2024.
Dividend proposed to the Annual General Meeting of 29 April 2025. Total dividend amount estimated on the basis of the number of eligible shares, including shares eligible for the preferential dividend, on 15 January 2025.
The L’Oréal share has been listed in euros on the Paris Stock Exchange since 4 January 1999, where it was first listed in 1963. The share capital is €106,862,404.20 at 31 December 2024; the par value of one share is €0.20.

2024 universal registration document

1. Presentation of the Group – Integrated Report

Financial ratios

L’Oréal 2019-2024