A great start to the year
Adjusted like-for-like growth1 of +6.7%
- Sales: 12.15 billion euros, up +3.6% reported and +7.6% like-for-like2.
- Adjusted like-for-like growth1: +6.7%, significantly ahead of the global beauty market.
- Growth in all regions1: Europe the number one contributor. Emerging markets up double digits.
- Growth in all Divisions1: PPD and LDB up in double digits. Luxe recovery confirmed, boosted by China.
- Fragrances and hair driving growth. Skin starting to benefit from innovation step-up and Asia recovery.
- E-commerce growing in double digits, driven by emerging markets and Europe.
- On March 31, L’Oréal completed the acquisition of Kering Beauté.
- L’Oréal received the 2026 World’s Most Ethical Companies recognition by Ethisphere for the 17th time.
Commenting on the figures, Nicolas Hieronimus, CEO of L'Oréal, said:
“L’Oréal is off to a great start with adjusted like-for-like growth1 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 start 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 regions, 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 multi-polar 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.”
FIRST QUARTER 2026 SALES
In the first three months, salesamounted to 12.15 billion euros, up +3.6% reported.
Like-for-like growth, i.e. based on a comparable structure and identical exchange rates, sales grew by +7.6%.
Like-for-like adjusted1, sales grew by +6.7%.
The net impact of changes in the scope of consolidation was +1.5%.
Growth at constant exchange rates came out at +9.1%.
Currency fluctuations had a negative impact of -5.5% at the end of March 2026. If the exchange rates on 31 March 2026, i.e., 1€=$1.1532, were extrapolated until 31 December, the impact of currency fluctuations on sales would be around -1.3% for the whole of 2026.
Sales by Division and Region
| Quarterly sales | Like-for-like growth | Adjusted like-for-like growth* | Reported growth | ||
| €m | 1st quarter 2025 | 1st quarter 2026 | |||
| By Division | |||||
| Professional Products | 1,277.2 | 1,462.0 | +15.5% | +13.1% | +14.5% |
| Consumer Products | 4,278.7 | 4,368.4 | +5.8% | +4.1% | +2.1% |
| Luxe | 4,092.8 | 4,106.5 | +5.2% | +5.6% | +0.3% |
| Dermatological Beauty | 2,086.1 | 2,215.4 | +10.8% | +10.2% | +6.2% |
| Group Total | 11,734.7 | 12,152.3 | +7.6% | +6.7% | +3.6% |
| By Region | |||||
| Europe | 3,914.8 | 4,365.3 | +10.3% | +5.5% | +11.5% |
| North America | 2,972.6 | 3,032.3 | +11.4% | +7.6% | +2.0% |
| North Asia | 2,952.5 | 2,686.9 | -4.0% | +4.8% | -9.0% |
| SAPMENA-SSA 3 | 1,079.0 | 1,210.0 | +20.4% | +15.4% | +12.1% |
| Latin America | 815.8 | 857.8 | +5.1% | +5.1% | +5.1% |
| Group Total | 11,734.7 | 12,152.3 | +7.6% | +6.7% | +3.6% |
* Adjusted LFL growth: LFL growth (+7.6%) adjusted for the net impact of the phasing ahead of the IT transformation in 1Q26 (3.4%) and 1Q25 (2.5%). The impact now takes into account all IT transformation projects vs big projects only last year (1Q25 “all”: 2.5% | “big only”: 2.1%).
Summary by Division
PROFESSIONAL PRODUCTS
Adjusted like-for-like growth1 amounted to +13.1%.
The Division continued to deliver spectacular growth, significantly outperforming the global professional beauty market – driven by its omnichannel strategy and its focus on premiumising the salon industry through tailored services.
Each region advanced in double digits. Emerging markets grew in high teens, driven by Brazil, Mexico and Southeast Asia.
By category, premium haircare remained the primary growth driver, significantly outpacing a dynamic market. This performance was fueled by all major brands and the very promising start of recent launches, including Kérastase Gloss Absolu Crème and Redken'sAcidic Growth Full.
In hair colour, against a more challenging market backdrop, the Division grew and kept stimulating salon traffic through expertise-driven innovations like Redken Shades ALK and the L’Oréal Professionnel DiaLight relaunch.
In hair styling, the integration of Color Wow is well under way. Its global rollout, scheduled throughout 2026, will be a strong growth contributor for the brand.
CONSUMER PRODUCTS
Adjusted like-for-like growth1 amounted to +4.1%.
The Division’s strategy to make beauty innovations accessible to everyone, everywhere, was vindicated by its strong outperformance of the global mass beauty market in sell-out.
Among the global brands, L’Oréal Paris, Garnier, and NYX Professional Makeup were particularly dynamic. Regional skincare brands Mixa and Thayers delivered exceptional results, each posting strong double-digit growth.
By region, Europe maintained its impressive momentum with all countries posting growth. In North America, the performance remained robust, powered by haircare. Emerging markets, the Division’s growth engine, sustained a strong pace, led by India, Brazil, and Vietnam.
Haircare was, yet again, the standout performer, growing in double digits, boosted by the global launches of L’Oréal Paris Elvive Collagen Lifter and Garnier Fructis Diamond Sleek. Hair colour remained solid, driven by L’Oréal Paris Excellence and Garnier Nutrisse. Growth in makeup was fueled by a well-filled innovation pipeline, including L’Oréal Paris Extensionist Mascara, Maybelline New York Serum Lipstick, and NYX Professional Makeup Jelly Job Full-Bodied High Shine Gloss. While still early days, skincare started to benefit from new launches like L’Oréal Paris Revitalift Filler Glass Skin Liquid Cream and Garnier Dry Touch Cream.
LUXE
Adjusted like-for-like growth1 amounted to +5.6%.
Luxe grew and outperformed the selective market across all regions – testament to the strength of its brand portfolio, the resilience of its strategy and the ongoing implementation of its aggressive innovation plan.
Emerging markets were particularly dynamic with growth at close to 10%. In North America, the pace accelerated, and the Division grew well above the market, further cementing its leadership. In North Asia, where the selective market progressively stabilised, L'Oréal Luxe continued to outperform; China delivered high single digit growth, underscoring the Division's competitive edge. Conditions in the Asian Travel Retail ecosystem remained challenging, notably in Mainland China.
Fragrances remained the standout growth engine: L'Oréal Luxe significantly outpaced the market. Iconic franchises like PradaParadigme>, Yves Saint Laurent Libre, and ValentinoBorn in Roma continued to deliver exceptional growth, while the newly launched Power of You by Emporio Armani had a very strong start.
In skincare, momentum improved, as promised, and the Division outpaced a flat yet gradually recovering market with strong contributions from >Helena Rubinstein Re-Plasty, Yves Saint Laurent Pure Shots. New launches such as Kiehl's Ultra Facial Medicated demonstrated the Division's continued ability to identify and activate high-potential white spaces. Recently acquired Medik8 delivered exceptional growth.
Highlights in makeup were the Couture brands’ innovations like Yves Saint LaurentLovenude and PradaTouch Blush.
L'Oréal completed the landmark acquisition of Kering Beauté, a strategic milestone that significantly expands the Division’s brand portfolio and reinforces its position as the undisputed global leader in luxury beauty.
DERMATOLOGICAL BEAUTY
Adjusted like-for-like growth1 amounted to +10.2%.
In a market that remained dynamic, the Division continued to significantly outperform, boosted by its strong innovation pipeline.
All regions grew: the mature markets of Europe and North America advanced in mid to high single digits, while North Asia and the emerging markets grew in high teens.
La Roche-Posay’s sustained momentum was powered by the continued success of its Cicaplast franchise, as well as the expansionof Hyalu B5 Suractivated.
CeraVe confirmed its turnaround across all geographies, driven by strong growth of the Moisturizing range, the continued success of haircare in North America and the promising start of the sun protectionrange in Europe.
SkinCeuticals achieved another quarter of strong progress, driven by the ongoing success of its A.G.E. Interrupter franchise.
Vichy delivered solid growth with Collagen Specialist 16 and the Dercos haircare range particularly dynamic.
Summary by Region
EUROPE
Adjusted like-for-like growth1 amounted to +5.5%.
L’Oréal continued to outpace a robust beauty market that is still boosted by the ongoing acceleration of the e-commerce channel.
Momentum was especially strong in the Spain-Portugal and Germany-Austria-Switzerland clusters, and in most medium-sized countries.
Consumer Products outpaced the market, particularly in haircare with the dynamic performance of Elsève and in makeup thanks to strong innovations, notably from L’Oréal Paris and NYX Professional MakeUp.
L'Oréal Luxe outperformed its market, driven primarily by the outstanding performance of fragrances with a promising start of the new Armani Power of You.
Professional Products once again grew strongly, propelled by the ongoing dynamism in premium haircare – with a particularly impressive performance from Kérastase.
Dermatological Beauty continued to outpace its market thanks to the ongoing strength of La Roche-Posay and the acceleration of CeraVe.
NORTH AMERICA
Adjusted like-for-like growth1 amounted to +7.6%.
North America had a strong start to the year: in a dynamic beauty market, L’Oréal continued to gain share thanks to successful innovations and strong partnerships with retailers.
Professional Products outperformed the market with all key brands advancing strongly. In the professional channel, momentum was driven by breakthrough innovations, notably Redken Shades ALK and Blonde IQ. Growth of the recently acquired Color Wow was dynamic.
In Dermatological Beauty, momentum continued to accelerate, led by standout performances from La Roche-Posay, while CeraVe pursued its upward trajectory fueled by skincare and haircare. SkinCeuticals remained a key growth driver supported by the ongoing success of D2C.
Consumer Products significantly outpaced the market in sell-out – notably in haircare and makeup. L’Oréal Paris delivered an exceptional performance, driven by haircare as well as makeup. In skincare, Thayers progressed, fueled by the success of its expanding toner portfolio.
L’Oréal Luxe accelerated strongly thanks to its continued outperformance in a dynamic fragrance market. Particularly noteworthy were Prada Paradigme and Armani Acqua Di Gio in men’s as well as YSL Libre and Valentino Born in Roma in women’s fragrances. The recently integrated Medik8 was off to a good start.
NORTH ASIA
Adjusted like-for-like growth1 amounted to +4.8%.
North Asia had a solid start to the year. This was driven by China, where growth stood in mid to high single digits, a clear acceleration from last year – and well ahead of a market that confirmed its recovery, driven by selective. This outperformance in China showcases the strength of L’Oréal’s brand portfolio, O+O (online and offline) capabilities, and innovation power for consumers who are ever more demanding. Korea contributed positively to growth, while momentum in Japan was impacted by fewer arrivals from Chinese tourists. Growth in Travel Retail was slightly negative as the persisting weakness in mainland China was not fully offset by the recovery in Hainan.
In North Asia, Luxe maintained strong momentum across all categories, propelled by the combination of a strong innovation pipeline, especially in skincare (including Helena Rubinstein PX50, Lancôme Rénergie and Kiehl’s Ultra Facial Cream Medicated), and an acceleration of the Couture brands and a very strong contribution from Aesop. Dermatological Beauty and Professional Products sustained their strong growth, advancing in double digits and significantly outperforming their respective markets. In a market that remains soft and highly competitive, the Consumer Products Division saw stabilisation in sell-out, while sell-in was impacted by some trade inventory adjustment.
SAPMENA–SSA3
Adjusted like-for-like growth1 amounted to +15.4%.
In SAPMENA, growth was strong and broad-based. All Divisions, categories and countries made a positive contribution, fueled by mix and volume.
Dermatological Beauty stood out as the most dynamic Division, boosted by La Roche-Posay and CeraVe. Professional Products recorded strong growth, propelled by Kérastase and Redken. In Consumer Products, momentum was led by L’Oréal Paris. In Luxe, growth was fueled by the Couture brands, notably Yves Saint Laurent, Prada, and Armani.
By category, haircare led the way with strong performances in both professional and consumer channels, driven by successful launches like Elsève Glycolic Gloss and Kérastase Gloss Absolu. Skincare benefited from the continued rise of dermatological brands. Makeup was boosted by innovation and the expansion of 3CE across South-East Asia. Fragrances grew strongly, powered by the Couture brands.
By country, Vietnam delivered exceptional growth; India advanced strongly. Consumption in the Middle East has been impacted since the breakout of the conflict, notably in UAE, while Saudi Arabia has been resilient.
Across the region, online remained a growth driver.
SSA maintained solid momentum. Growth was broad-based across all categories with particularly strong contributions from skincare, haircare and fragrances. By country, South Africa remained the primary growth engine.
LATIN AMERICA
Adjusted like-for-like growth1 amounted to +5.1%.
Latin America was the only region in which market growth softened compared to last year, driven by Brazil and, to a lesser extent, Mexico.
In that context, all Divisions advanced. Professional Products delivered exceptional growth that was broad-based across the region. L’Oréal Luxe showed solid momentum, driven by the ongoing strength in fragrances. Consumer Products remained the largest growth contributor, fueled by haircare with Elsève further consolidating its position as the leading haircare brand in Brazil by value, thanks to the latest innovations Elsève Dream Sleek and Elsève Collagen Lifter.
The most dynamic categories were haircare and fragrances, advancing in double digits across all relevant Divisions.
By region, progress was led by Brazil and the Andean Region. Mexico maintained positive growth despite more modest market growth and subsequent retailer stock adjustments.
Both brick-and-mortar and online grew. E-commerce sustained strong momentum throughout the region, enabling L’Oréal to reach new consumer segments.
IMPORTANT EVENTS SINCE THE LAST PUBLICATION
STRATEGY
- On March 31, L’Oréal completed the acquisition of Kering Beauté, including the House of Creed, as well as fifty-year exclusive licences for the creation, development and distribution of fragrances and beauty products under the Bottega Veneta and Balenciaga brands, in accordance with the terms announced on 19 October 2025.
RESEARCH, BEAUTY TECH AND DIGITAL
- In April, L'Oréal and Institut Pasteur announced a research partnership, the first scientific agreement of its kind. This scientific alliance aims to deepen the understanding of skin as an essential organ of human health, all the while accelerating the discovery of new biological targets and the development of next-generation active ingredients for advanced skin health solutions.
- L’Oréal expanded its AI partnership with NVIDIA to accelerate and re-define beauty innovation via AI-driven computational chemistry. By integrating NVIDIA ALCHEMI machine learning framework directly into its R&I ecosystem, L'Oréal is creating a beauty and skincare AI engine. It will enable breakthroughs in new formulation discovery by predicting how molecules will perform and interact at an atomic scale.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE
- L'Oréal pledged an additional commitment of 50 million euros for its L’Oréal Fund for Women. Created in 2020 to address social emergencies exacerbated by the pandemic, L’Oréal decided to renew this endowment for another five years (2026-2030) with the aim to contribute, among other philanthropic supports, to enhancing the well-being, empowerment and resilience of 5 million women by 2030.
- L’Oréal received the 2026 World’s Most Ethical Companies recognition by Ethisphere for the 17th time.
- L'Oréal was recognised by Equileap in its 2026 Gender Equality Global Ranking, Top 100 companies among 3,430 publicly listed companies, L'Oréal was 51st globally and 6th in France.
- For the eighth consecutive year, and since inception, L'Oréal was named Supplier Engagement Leader by CDP, illustrating its active role in driving climate action across its global value chain.
OTHER
- In March, L'Oréal entered a mandate with an investment services provider to purchase its own shares, under the authorisation approved by the AGM of 29 April 2025, between now and 30 June 2026 with a maximum of 500 million euros or 2 million shares. The shares repurchased are intended to be cancelled.
“This news release does not constitute an offer to sell, or a solicitation of an offer to buy L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our website www.loreal-finance.com.
This news release may contain some forward-looking statements. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements.”
About L’Oréal
For over 115 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 40 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With more than 95,000 committed employees, a balanced geographical footprint and sales across all distribution networks (ecommerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2025 the Group generated sales amounting to 44.05 billion euros. With 22 research centers across 9 regional hubs around the world and a dedicated Research and Innovation team of over 4,000 scientists and more than 8,000 Digital, Tech and Data talents, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.
In 2025, L’Oréal has been named the most innovative company in Europe by Fortune magazine, out of 300 companies, in a ranking spanning 21 countries and 16 industries in Europe.
More information on https://www.loreal.com/en/mediaroom
L’ORÉAL CONTACTS
Switchboard
+33 (0) 1 47 56 70 00
Individual shareholders
Pascale Guerin
+33 (0)1 49 64 18 89
Investor relations
Eva Quiroga
+33 (0)7 88 14 22 65
Journalists
Brune Diricq
+33 (0)6 63 85 29 87
Christine Burke
+33 (0)6 75 54 38 15
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, the website for shareholders and investors, www.loreal-finance.com or the L’Oréal Finance app; alternatively, call +33 (0)1 40 14 80 50.
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Appendices
Appendix 1: Historical reported and adjusted like-for-like (LFL) growth by quarter
| 2024 | Reported LFL growth | Adjusted LFL growth * | ||||||||
| 1Q24 | 2Q24 | 3Q24 | 4Q24 | FY24 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | FY24 | |
| PPD | +10,7% | +0,9% | +6,1% | +3,8% | +5,3% | +5,3% | +4,7% | +6,9% | +4,1% | +5,3% |
| CPD | +11,1% | +6,7% | +1,4% | +2,7% | +5,4% | +10,3% | +6,4% | +1,8% | +3,4% | +5,4% |
| Luxe | +1,8% | +2,8% | +5,8% | +1,0% | +2,7% | +1,4% | +2,1% | +3,7% | +3,7% | +2,7% |
| LDB | +21,9% | +10,8% | +0,8% | +5,0% | +9,8% | +20,3% | +10,8% | +1,1% | +6,5% | +9,8% |
| Europe | +12,6% | +9,7% | +5,6% | +5,2% | +8,2% | +12,6% | +7,8% | +6,3% | +6,2% | +8,2% |
| N-America | +12,3% | +3,4% | +5,2% | +1,4% | +5,5% | +7,4% | +6,9% | +2,8% | +5,3% | +5,5% |
| N-Asia | -1,1% | -2,4% | -6,5% | -3,6% | -3,2% | -1,1% | -3,3% | -5,2% | -3,6% | -3,2% |
| SAPMENA-SSA | +16,4% | +14,0% | +8,0% | +11,4% | +12,3% | +16,4% | +14,0% | +8,0% | +11,4% | +12,3% |
| L-America | +16,2% | +12,3% | +8,6% | +7,5% | +11,0% | +16,2% | +12,3% | +5,6% | +10,7% | +11,0% |
| Group | +9,4% | +5,3% | +3,4% | +2,5% | +5,1% | +8,1% | +5,4% | +2,9% | +4,0% | +5,1% |
* Adjusted like-for-like (LFL) growth is defined as reported LFL growth adjusted for the FULL impact of L'Oréal's IT phasing in 2024.
Note: IT phasing impacts growth on a quarterly basis. On a full year basis, it has a neutral impact, i.e., reported and adjusted growth are the same.
| 2025 | Reported LFL growth | Adjusted LFL growth * | ||||||||
| 1Q25 | 2Q25 | 3Q25 | 4Q25 | FY25 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | FY25 | |
| PPD | +1,6% | +11,5% | +9,3% | +7,6% | +7,5% | +6,0% | +8,4% | +8,5% | +7,3% | +7,5% |
| CPD | +2,3% | +3,3% | +3,8% | +4,8% | +3,5% | +1,0% | +3,6% | +5,7% | +4,1% | +3,5% |
| Luxe | +5,8% | -1,9% | +2,5% | +4,5% | +2,8% | +2,6% | +2,5% | +4,6% | +1,7% | +2,8% |
| LDB | +2,7% | +3,5% | +5,1% | +11,5% | +5,5% | +1,6% | +6,1% | +4,9% | +10,1% | +5,5% |
| Europe | +4,3% | +2,4% | +4,1% | +6,6% | +4,4% | +3,8% | +3,8% | +4,3% | +5,6% | +4,4% |
| N-America | -3,8% | +8,3% | +1,4% | +8,6% | +3,4% | +0,5% | +3,3% | +5,1% | +4,5% | +3,4% |
| N-Asia | +6,9% | -8,8% | +4,7% | +0,6% | +0,5% | -1,6% | +0,7% | +3,3% | +0,6% | +0,5% |
| SAPMENA-SSA | +10,4% | +10,5% | +12,2% | +10,7% | +10,9% | +7,6% | +13,7% | +11,9% | +10,9% | +10,9% |
| L-America | +7,9% | +12,4% | +4,4% | +8,2% | +8,3% | +7,9% | +10,0% | +10,0% | +4,7% | +8,3% |
| Group | +3,5% | +2,4% | +4,2% | +6,0% | +4,0% | +2,2% | +4,2% | +5,5% | +4,4% | +4,0% |
* Adjusted like-for-like (LFL) growth is defined as reported LFL growth adjusted for the FULL impact of L'Oréal's IT phasing in 2024, netting off 2024 and 2025.
Note: IT phasing impacts growth on a quarterly basis. On a full year basis, it has a neutral impact, i.e., reported and adjusted growth are the same.
Appendix 2: L’Oréal group sales 2025/2026 (€ million)
| 2025 | 2026 | |
| First quarter | 11,734.7 | 12,152.3 |
| Second quarter | 10,738.6 | |
| First half total | 22,473.3 | |
| Third quarter | 10,333.7 | |
| Nine months total | 32,807.0 | |
| Fourth quarter | 11,245.0 | |
| Full year total | 44,052.0 |
1Adjusted LFL growth: LFL growth (+7.6%) adjusted for the net impact of the phasing ahead of the IT transformation in 1Q26 (3.4%) and 1Q25 (2.5%). See details on page 2.
2LFL growth: Based on a comparable structure and identical exchange rates.
3 SAPMENA – SSA: South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa.
Attachment
