EXTRACT FROM CHAIRMAN’S SPEECH
The strength of the L’Oréal model lies within us, more vibrant than ever. This is what allows us to weather the storms of a complex global environment.
“Ladies and Gentlemen, dear Shareholders,
Over the past 20 years, I have had the pleasure of addressing you to share the best of L’Oréal and the formidable development of your Company, which most of you have probably witnessed. Back in 2006:
- We had 18 brands – today, we have 40.
- Our sales totalled €14.5 billion, compared to €44 billion last year.
- Market capitalisation was €41 billion; at the date of this Annual General Meeting, it stands at €200 billion.
Twenty years ago, I shared with you the reasons for believing in the L’Oréal model. These figures confirm this belief, which I hold even more deeply today.
2025 was a year of movement and profound transformation. Led by your CEO with the full support of the Board, major strategic priorities were initiated: sustained increases in research and technology budgets, significant acquisitions that have enriched our brand portfolio, and of course, our global footprint paired with our local relevance across future growth drivers.
In a challenging environment, your Company demonstrated its resilience in 2025 while preparing for the future. L’Oréal consolidated its position as the world’s No. 1 beauty company by widening the gap with its major competitors while sustaining growth and strengthening margins. This outperformance confirms the robustness of our long-term value creation model.
The Board of Directors has decided to propose a dividend of €7.20, an increase of + 2.9% compared to 2025. The dividend has multiplied sevenfold over 20 years. For shareholders registered for over two years, the +10% preferential dividend stands at €7.92. Over the last 20 years, your initial capital has multiplied by 8.5, while total shareholder return has exceeded 11% per year.
In terms of corporate citizenship, our resolve to act remains intact. Our environmental leadership was once again recognised by the CDP(1) , which is the independent global benchmark. We have surpassed our goal of helping 100,000 people from disadvantaged communities gain access to employment. Meanwhile, over 5 million people have been supported through our brands' social engagement programmes.
We stayed the course in 2025 thanks to the strength of character of our 95,000 employees. Our teams are fully aligned with our ambition and share that ‘extra measure of resilience’ that is so important for succeeding in an uncertain world. I have absolute confidence in our fundamental strengths, entirely focused on one unwavering goal : to invent the future of beauty with exacting standards and responsibility.”
During the AGM, the Chairman paid tribute to two eminent Board members who, in line with the completion of their roles at Nestlé, expressed their wish to step down from their directorships at the end of the AGM. Excerpts:
Tribute to Mr. Paul Bulcke, Vice-Chairman of the Board and former Chairman of Nestlé:
“You embodied the strength, stability and mutual trust that define the relationship between L’Oréal and Nestlé. For over a decade, you have been a pillar of our Board. Your contribution has been decisive, driven by your keen appetite for innovation and disruptive technologies, as well as your uncompromising commitment to corporate social responsibility. I would like to express our profound respect and deepest gratitude for your unflagging devotion and outstanding contribution to L’Oréal.
Tribute to Ms. Béatrice Guillaume-Grabisch, Director and Audit Committee member:
“I commend the quality of your active contribution, your consummate marketing expertise and your recognised skills in steering HR and IT transformations. I wish to extend my most sincere thanks for your exceptional ten-year commitment to the work of the Board and Audit Committee.”
The AGM approved the candidacies submitted to it:
- Mr. Pablo Isla, Chairman of the Board of Directors of Nestlé and former Chairman and CEO of Inditex, becomes Vice-Chairman of the Board of Directors alongside Mr. Jean-Victor Meyers. He also joins the Strategy and Sustainability Committee, the Nominations and Governance Committee and the Human Resources and Remuneration Committee;
- Ms. Anna Lenz, Global Head of Human Resources at Nestlé, joins the Audit Committee;
- Ms. Christel Bories, Chair and interim CEO of Eramet.
The reappointments of Mr. Jean-Paul Agon, Chairman of the Board, and Mr. Patrice Caine were approved.
Ms. Catherine Olivry, Director representing employees, replaces Thierry Hamel and joins the Human Resources and Remuneration Committee.