Message from Jean-Paul Agon

L’Oréal has once again demonstrated its ability to maintain its trajectory of dual performance.

The Group has consolidated its position as the world leader in beauty, sustaining its growth and strengthening its margins. Our brand portfolio – already the most diverse in the industry – has been further enriched, opening up formidable new opportunities.

On the corporate citizenship front, our resolve remains intact. This is reflected in the triple A rating awarded by CDP, which L’Oréal is the only company in the world to have achieved over ten consecutive years. I wish to express my immense pride and gratitude to the teams who uphold our commitments on a daily basis.

The strength of the L’Oréal model resides within us, more vibrant than ever. It is this strength that propels us towards our horizon, with consistency and an unwavering commitment to our values.

Our people are our primary driving force. Through their unique spirit, their solidarity and their ability to anticipate turbulence, the 95,000 L’Oréalians are at one with our ambition, sharing that “extra measure of resilience” so vital for success in today’s world.

The determined leadership of Nicolas Hieronimus and his Executive Committee fosters the drive to act and to transform. Under his impetus, new avenues are opening to combine growth and market conquest with the power of technologies poised to shape the future.

The stability of our governance is our strategic strength for the long term. It was further consolidated in 2025 by the enduring continuity of the bond between the founding Bettencourt Meyers family and L’Oréal, through the presence on the Board of Jean-Victor Meyers and Nicolas Meyers alongside the Téthys holding company, chaired by Françoise Bettencourt Meyers, our primary shareholder. In the face of shifting market dynamics, the Board rigorously oversaw our strategy, particularly within our Luxe division and the resilience of our positions in the United States and China. Our annual seminar in India allowed us to witness first-hand its exceptional potential as a future growth driver. The Board also explored the new frontiers of beauty, from longevity to strategic acquisitions.

Steadfastly, L’Oréal will continue to chart its course, driven by its fundamentals – sustainable and responsible value creation, scientific excellence, a focus on people and a sense of duty – while turning every transformation into a new source of momentum.

I have absolute confidence in our people. They are entirely focused on one unwavering goal: to invent the future of beauty with exacting standards and a sense of responsibility.