Financial performance

L’Oréal recorded solid, broad-based growth in 2024 in a challenging context. We once again outperformed the global beauty market and strengthened our position as the world’s No. 1 beauty company, thanks to the power of our multipolar model, the desirability of our brands and the expertise, creativity and commitment of our 90,000+ employees worldwide. The quality of our P&L management allowed us to achieve record gross and operating margins.

Sales

  • €43.48 Bn

    sales in 2024
    €43.48 Bn

    sales in 2024
  • +5.1%

    like-for-like growth
    +5.1%

    like-for-like growth
  • +5.6%

    reported growth
    +5.6%

    reported growth

Breakdown of 2024 sales

Divisions

  • 37% Consumer Products
  • 36%  Luxe
  • 16%  Dermatological Beauty
  • 11%  Professional Products
Global brands

Regions

  • 33% Europe
  • 27% North America
  • 24% North Asia
  • 9% SAPMENA-SSA
  • 8% Latin America
L’Oréal around the world

Categories

  • 39% Skincare and sun protection
  • 19%  Makeup
  • 16%  Haircare
  • 14%  Fragrances
  • 8%  Hair colouring
  • 4% Other
Interview with Nicolas Hieronimus
Global brands
L’Oréal around the world
Interview with Nicolas Hieronimus

E-commerce continued to grow

  • €12.3 Bn

    sales in e-commerce
    €12.3 Bn

    sales in e-commerce
  • +7.8%

    growth in e-commerce sales
    +7.8%

    growth in e-commerce sales
  • 28.2%

    of consolidated sales in e-commerce
    28.2%

    of consolidated sales in e-commerce

Consolidated sales grew by +5.1%

(in billions of euros)

Year Value
2015 25.26
2016 25.84
2017 26.02
2018 26.94
2019 29.87
2020 27.99
2021 32.28
2022 38.26
2023 41.18
2024 43.48

2024 Profits

€8.69 Bn

operating profit
€8.69 Bn

operating profit

Increase in operating profit: +6.7%

(in millions of euros)

Year Value
2015 4,388
2016 4,540
2017 4,676
2018 4,922
2019 5,547
2020 5,209
2021 6,160
2022 7,456
2023 8,143
2024 8,688

Further improvement in operating margin to 20% of sales

(in %)

Year Value
2020 18.6
2021 19.1
2022 19.5
2023 19.8
2024 20

Net profit grew by +4.6% , excluding non-recurring items after non-controlling interests

(in millions of euros)

Year Value
2015 3,490
2016 3,647
2017 3,749
2018 3,988
2019 4,356
2020 4,099
2021 4,938
2022 6,054
2023 6,486
2024 6,786

Earnings per share increased by +4.8%

(in euros)

Year Value
2015 6.18
2016 6.46
2017 6.65
2018 7.08
2019 7.74
2020 7.30
2021 8.82
2022 11.26
2023 12.08
2024 12.66

Operating profitability above 21% in our four Divisions

(as a % of Division sales)

Divisions Value
Professional Products 22.2%
Consumer Products 21.1%
Luxe 22.3%
Dermatological Beauty 26.1%
22.5% Total for Divisions, before non-allocated expenses
22.5% Total for Divisions, before non-allocated expenses

A solid financial situation at 31 December 2024

€4,443 m

net debt
€4,443 m

net debt
  • AA

    Standard & Poor’s
    (September 2024)
    Long-term ratings
    AA

    Standard & Poor’s
    (September 2024)
    Long-term ratings
  • A1+

    Standard & Poor’s
    (September 2024)
    Short-term ratings
    A1+

    Standard & Poor’s
    (September 2024)
    Short-term ratings
  • Aa1

    Moody’s
    (March 2022)
    Long-term ratings
    Aa1

    Moody’s
    (March 2022)
    Long-term ratings
  • Prime-1

    Moody’s
    (March 2022)
    Short-term ratings
    Prime-1

    Moody’s
    (March 2022)
    Short-term ratings

Capital expenditure:
3.8% of sales

A dynamic shareholder return policy

Continued dividend growth: +6.1% in 2024

Dividend per share (in euros) Preferential dividend (in euros)

Year Dividend per share Preferential dividend
2024 7.00 7.70
2023 6.60 7.26
2022 6.00 6.60
2021 4.80 5.28
2020 4.00 4.40
2019 3.85 4.23
2018 3.85 4.23
2017 3.55 3.90
2016 3.30 3.63
2015 3.10 3.41

L’Oréal rewards shareholder loyalty

Loyalty bonus +10% for shareholders holding registered shares

Read more
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Contact us from outside France:
+33140148050

Pay-out ratio: 55.3% of profits

(as % of profit)

Year % of profit
2015 50.2
2016 51.1
2017 53.4
2018 54.4
2019 49.7
2020 54.8
2021 54.4
2022 53.3
2023 54.6
2024 55.3
  • €341.85 share price at 31 December 2024
    €341.85 share price at 31 December 2024
  • €182.6 Bn market capitalisation
    €182.6 Bn market capitalisation

Over five years, the L’Oréal share has outperformed the CAC 40

L’Oréal vs. CAC 40 from 31 December 2019 to 31 December 2024

Month/Year CAC 40 in points L'Oréal share price in €
31/12/2019 5,978.06 264.00
30/06/2020 4,935.99 285.70
31/12/2020 5,551.41 310.80
30/06/2021 6,507.83 375.80
31/12/2021 7,153.03 416.95
30/06/2022 5,922.86 329.30
30/12/2022 6,473.76 333.60
30/06/2023 7,400.06 427.10
29/12/2023 7,543.18 450.65
28/06/2024 7,479.40 410.05
31/12/2024 7,380.74 +23.46% 341.85 +29.49%

Total shareholder return

Amongst the various economic and financial measures of value creation, L’Oréal prefers Total Shareholder Return (TSR). This indicator is based on a range of criteria, including the share price and revenue received in the form of dividends excluding taxes on capital gains and dividends, based on the closing share price on 31 December 2024.

10-year return

Total Shareholder Return for around €15,000 invested in L’Oréal shares, including reinvestment of dividends, excluding bank charges and tax.

Year Invested capital
(in €) 		Number of shares
2014 15,044 108
2024
Value at 31/12/2023 		44,782 (x2.8)
(+11% growth per year) 		131
  • +6.6%

    per year over 5 years
    +6.6%

    per year over 5 years
  • +11%

    per year over 10 years
    +11%

    per year over 10 years
  • +11.3%

    per year over 20 years
    +11.3%

    per year over 20 years

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