The letter to shareholders - N°90 Autumn/Winter 2025

Dear Shareholders,

On 21^st October, your Group published its sales for the nine months ended 30^th September 2025.

In an ever-changing economic and political environment, the Group delivered top-line growth of +3.4%, in line with projections.

We saw growth across all regions, with the US and mainland China, our two largest markets, continuing to recover; Europe remained robust; and ongoing strength in SAPMENA-SSA more than offset the softness in Latin America. With double-digit growth online, we are well ahead of the market.

Growth accelerated across all divisions, fuelled by our Beauty Stimulus Plan. Fragrance and haircare remained our two best performing categories, and our innovation in makeup is starting to bear fruit.

We announced a strategic alliance in luxury beauty and wellness with Kering, including the acquisition of the House of Creed, along with 50-year exclusive licenses for the creation, development and distribution of fragrance and beauty products for Bottega Veneta, Balenciaga and Gucci⁽¹⁾.

We continue to manage our P&L to mitigate the impact of tariff hikes, and are well positioned compared to our peers thanks to our global manufacturing footprint, healthy gross margin and continued investment in our brands. I am confident that we will continue to outperform the global beauty market and achieve another year of growth in sales and an increase in our profitability.