Middle East
SOLID GROWTH, IMPROVED MARGINS
ACCELERATION CONFIRMED
• Sales: 44.05 billion euros, +4.0% like-for-like1 and +1.3% reported.
• Another year of outperformance in an improving beauty market.
• Growth in all Divisions, led by Professional Products.
• Growth in all regions with a broad-based acceleration in the second half.
• E-commerce growing double digits passing the 30% mark.
• Gross margin up +10 basis points at 74.3%.
• Operating margin up +20 basis points at 20.2%.
• Earnings per share 12.71 euros, up +0.4%.
• Dividend per share 7.20 euros, up +2.9%.
• Net cash flow: 7.2 billion euros, up +7.8%.
• Sustainability leader: The only company in the world to be awarded a triple ‘A’ rating by CDP for ten years in a row. Ranked in the global top 1% for environmental and social performance by EcoVadis.
Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said:
“2025 was a defining year for L’Oréal: we delivered strong results regardless of the context, while profoundly transforming the Group.
As we had promised, organic top-line growth5 accelerated quarter after quarter, boosted by the step-up in our launch plan and supported by a gradually improving beauty market. At +4%1, L’Oréal grew once again ahead of the market; a key highlight was the strong second-half recovery in our two largest countries, the US and China, while we continued our Emerging conquest. We delivered another year of record gross and operating margins as our focus on efficiency gains allowed us to offset adverse currency and tariff trends.
At the same time, we made L’Oréal stronger than ever through our transformation. We continued to advance on AI, strengthen our R&I capabilities and implement our IT transformation. And we embarked on our most strategic and transformational M&A offensive to date: Kering Beauté will further bolster our leadership in luxury beauty, adding highly desirable brands with significant growth potential. The increase in our stake in Galderma will allow L’Oréal to take part in the fast-growing market of aesthetics, a key adjacency to our beauty business.
This transformation opens new growth opportunities, and we are set up for further acceleration. In 2026, despite the macro uncertainties, we are optimistic about the outlook for the global beauty market, and confident in our ability to keep outperforming it thanks to L’Oréal’s multi-division category strategy and to achieve another year of growth in sales and profit.”
Read more in the attached press release