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Company Research8 Mar 2024
L’Oréal: The Beauty of Intangibles
Discover L’Oréal's journey to becoming the global beauty leader and the competitive advantages that have solidified its dominance.
L'Oréal (OR) investor relations material
L'Oréal Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary21 Oct, 2025
Executive summary
Sales for the first nine months of 2025 reached €32.80 billion, up 3.4% like-for-like and 1.2% reported year-over-year, with growth accelerating in Q3 and all divisions and regions contributing, especially North America and mainland China.
Like-for-like sales growth accelerated to +4.9% in Q3 2025, driven by innovation, the Beauty Stimulus Plan, and strong launches in fragrances and makeup.
E-commerce delivered double-digit growth, now representing 28% of sales and outpacing the market.
Strategic partnership and acquisition of Kering Beauty for €4 billion, including Creed and licenses for Balenciaga, Bottega Veneta, and Gucci, strengthens luxury beauty leadership.
Outperformance in Mainland China and the U.S., with market share gains in all categories for the first time since 2021.
Financial highlights
Like-for-like revenue growth was 3.4% year-over-year, with adjusted growth at 3.7% and constant currency growth at 4.0%.
Q3 2025 revenue was €10.33 billion, up 4.2% like-for-like.
Fragrance sales grew nearly +10% year-to-date, with multiple brands in the global top 10 and strong new launches.
North America adjusted sales growth was 3.8% in Q3, with cumulative adjusted growth at 3.1% for the nine months.
Latin America market grew +8% in Q3, with company sell-out above market at +10% year-to-date.
Outlook and guidance
Management expects to continue outperforming the global beauty market and to achieve another year of sales growth and increased profitability.
Market growth for 2025 estimated close to +4%, with Q4 performance dependent on Double Eleven in China and the holiday season in the U.S. and Europe.
Beauty Stimulus Plan added 170 basis points to growth in Q3, with further impact expected in Q4 from new launches, especially in fragrances.
Currency headwinds expected to impact full-year revenue by -3.8% if current rates persist.
Continued focus on innovation and digital, with plans to maintain or increase the pace of new product launches in 2026.
Quantify growth potential from Kering licenses.
Impact of sun care destocking on Europe DB sales?
Detail the Beauty Stimulus Plan's Q3 impact.
Creed: What drives confidence in tripling sales?
Fragrance market: Is the growth sustainable?
Innovation level: Can it be maintained next year?
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Next L'Oréal earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Empowering Beauty Worldwide
L'Oréal, a titan in the beauty and personal care industry, is renowned for its extensive portfolio of brands and commitment to innovation, sustainability, and social responsibility. Founded in 1909 by chemist Eugène Schueller, the company has grown into a global beauty leader with a presence in over 150 countries.
Brand Portfolio
L'Oréal's brand portfolio is diverse and includes well-known names across various sectors of the beauty industry. Their Consumer Products Division boasts brands like L'Oréal Paris, Garnier, Maybelline New York, and NYX Professional Makeup. The L'Oréal Luxe division includes luxurious brands such as Lancôme, Yves Saint Laurent (primarily owned by Kering), and Giorgio Armani. The Professional Products Division caters to hair care professionals with brands like L'Oréal Professionnel Paris and Kérastase, while their Dermatological Beauty division includes La Roche-Posay and Vichy, focusing on skincare innovations.
Further reading: L'oréal: The Beauty of Intangibles
Research and Development
Innovation is at the core of L'Oréal's strategy. The company has invested significantly in research and development, owning 20 research centers worldwide. They've been pioneers in finding alternatives to animal testing, developing the Episkin model for product safety evaluations. L'Oréal's commitment to sustainability is also evident through its partnerships aimed at enhancing plastic recycling methods and its proactive approach during the Ukraine war, where it donated significantly to support refugees and suspended commercial activities in Russia.
Financially, L'Oréal is a powerhouse with a revenue of $44.5 billion in 2023, illustrating its significant size. The company competes with other giants in the industry like Estee Lauder and Coty, but its extensive brand portfolio, global reach, and commitment to innovation and sustainability set it apart.
In summary, L'Oréal's journey from a small French dye manufacturer to a global beauty leader exemplifies its ability to innovate, adapt, and thrive in the ever-evolving world of beauty and personal care.
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