The letter to shareholders - N°85 Autumn 2023

Dear Shareholders,

Your Group published its half-year results on 27 July. In a beauty market that is more dynamic than ever, L’Oréal delivered a remarkable performance and further strengthened its global leadership, with growth of +13.3% like-for-like and +12.0% reported.

Growth was broad-based across all Divisions, Regions, categories, and channels, once again vindicating our balanced, multi-polar model.

Growth continued to be driven by the dual cylinders of volume and value – testament to the success of our innovations and the desirability of our brands.

In keeping with our virtuous circle, we improved our profitability, all while significantly increasing investment in our brands. At the same time, in line with our dual ambition of economic and corporate performance, we continued to invest in the transition towards a more sustainable operating model that will ensure long-term value creation.

In an economic context that is still uncertain, we remain ambitious for the future, optimistic about the outlook for the beauty market, and confident in our ability to keep outperforming the market and achieve in 2023 another year of growth in sales and profits.