STRONG MOMENTUM CONFIRMED
+6.5% ADJUSTED LFL GROWTH, RECORD OPERATING MARGINS
• Sales: 23.77 billion euros, +6.8% like-for-like1 and +5.8% reported.
• Adjusted like-for-like growth2: +6.5%, significantly ahead of the global beauty market.
• Growth in all Divisions with particularly remarkable performances from PPD and LDB.
• Growth in all regions with SAPMENA-SSA leading and North Asia pursuing its recovery.
• E-commerce3 up in double digits, growing nearly twice as fast as the market.
• Growth in both volume and value with a strong contribution from mix.
• Gross margin: up +10 basis points at 74.8%.
• Operating margin: up +20 basis points at 21.3%, whilst increasing brand fuel by +70 basis points.
• Net profit excluding non-recurring items amounted to 3,959.6 million euros, up +4.7%.
• 50-year exclusive worldwide beauty licence with Kering for the Gucci brand, effective on 1 July 2027.
Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said:
“L’Oréal delivered a strong first half.
At +6.5% adjusted like-for-like growth, L’Oréal maintained its strong momentum and expanded its outperformance of the global beauty market. Growth – broad-based across all categories, divisions, and regions – was fuelled by two main engines: the seamless execution of our innovation strategy and our market-beating growth in e-commerce, the industry’s most dynamic channel.
Our virtuous P&L was on full display. Boosted by volume growth and strong mix improvement, our gross margin continued to expand. This, coupled with our ongoing focus on cost control, allowed us to increase our brand fuel by 70 basis points and deliver a record first half operating margin of 21.3%.
As we head into the second half, we are confident that demand for beauty remains strong. And we believe that we are uniquely well equipped to continue outperforming the market and despite the current context achieving another year of growth in sales and profit.
L’Oréal is truly one of a kind.
Our historical brands are growing strongly and our portfolio keeps getting stronger thanks to recent additions, including Kering Beauté. Our innovation engine is firing on all cylinders – and AI will help it maintain its pace. Our teams on the ground keep leveraging fast-shifting distribution patterns – conquering online with digital excellence while creating exceptional brand experiences offline.
This makes us better positioned than ever to keep winning in beauty.”
Read more in the attached press release.
LFL growth: based on a comparable structure and identical exchange rates.
2 Adjusted LFL growth: LFL growth (+6.8%) adjusted for the net impact of the phasing ahead of the IT transformation in 1H26 and 1H25. See details on page 2.
3 Includes sales on L'Oréal’s brand websites, sales to online pure players, and the e-commerce portion of sales to traditional retailers (based on non-audited declarative data.)