Interview with Nicolas Hieronimus

In 2025, L’Oréal strengthened its position as the global No. 1 in the Beauty market and once again confirmed its resilience and unique capacity to perform regardless of the context.

With solid growth of +4%, we outperformed the market, well ahead of most of our competitors, and posted improved margins and dividends.

Our momentum is global and has shown acceleration quarter after quarter, notably in our two largest markets, the US and China. I am also truly excited by the confirmation of emerging markets as true growth relays. Today, they account for just 17% of our sales, yet they delivered around 40% of our total growth.

Our four Divisions grew and our over performance in e-commerce, once again demonstrated our digital capabilities. That’s the magic of our multipolar model in action.

Beyond the numbers, we reaffirmed our commitment to our L’Oréal for the Future programme and became the first and only company to be awarded a 10th consecutive triple-A score from CDP, for our environmental leadership.

2025 was also a year of real transformation, where we made investments to secure our future growth.

First: Tech and AI. Whether it’s providing advanced diagnostic tools for our consumers, unlocking the creativity of our teams, or helping our scientists discover new molecules faster than ever – Tech and AI are increasingly turbocharging everything we do.

Next: Innovation. 2025 was a record-breaking year. We filed 725 patents, our highest number ever – and more than half of our inventors were women. Our growth was fuelled by the launch of ground-breaking product innovations across all Divisions and categories, and we won a record number of prizes for our Beauty Tech innovations at this year’s CES, in Las Vegas. Being named the No. 1 Most Innovative Company in Europe across all sectors by Fortune isn’t just a title – it’s our greatest competitive edge.

We also moved decisively to strengthen our brand portfolio. By welcoming Dr.G, Medik8 and Color Wow, we added new brands that consumers love in fast-growing categories.

We cemented our leadership in luxury through Jacquemus and most importantly Kering Beauty. And we’re already exploring the next frontiers of beauty – with our longevity partnership with Kering and our increased stake in Galderma.

Looking ahead, we’re ready to surf the trends boosting our market, from the growth of the global middle class to the increasing sophistication of beauty routines around the world.

I know that we are uniquely positioned to win across every category and region: we will continue to capture the potential of emerging markets, address new needs and new consumer targets through innovation and lead in the fast-growing field of longevity.

L’Oréal enters 2026 stronger than ever. Our success will always be rooted in our unique culture and the incredible passion of our teams. Together, we will continue to lead the beauty industry into a bright and exciting future and of course create the Beauty that moves the world.