The letter to shareholders - N°91 Spring/Summer 2026

A look back at first quarter 2026 sales

A LOOK BACK AT FIRST QUARTER 2026 RESULTS

A LOOK BACK AT FIRST QUARTER 2026

RESULTS

€12.15B Sales

Double digit growth online

+6.7 %

Adjusted like-for-like growth

Growth

across all Divisions(1)

Despite current geopolitical and macroeconomic uncertainties, we are optimistic about the outlook for the global beauty market.

NICOLAS HIERONIMUS,Chief Executive Officer, L’Oréal

“Dear shareholders,

L’Oréal is off to a great start with adjusted like-for-like growth of +6.7%. We not only outperformed a beauty market that remains dynamic but accelerated our market share gains around the world. Driven by the step-up in our innovation plan, we continue to win in fragrances, haircare and makeup and started seeing some encouraging signs in skincare.

And our e-commerce leadership allows us to double down on the winning channel with spectacular results across all Zones, especially emerging markets. The second half 2025 recovery in our two largest countries, the US and China, continued and we outpaced the market in both.

Despite current geopolitical and macroeconomic uncertainties, we are optimistic about the outlook for the global beauty market. Our ‘multipolar’ model, the determination of our teams, as well as our innovation power make me confident that we will continue to outperform and achieve another year of growth in sales and profit.”

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