2022 Universal Registration Document

In a turbulent environment, L’Oréal showed outstanding agility and overcame a series of challenges thanks to the assets that make it strong.

The first of these assets is our people: the L’Oréalians. They are the secret to our company’s success.

Their determination to go that extra mile and their spirit of solidarity were, once again, exemplary. They have my utmost admiration.

Nicolas Hieronimus’ inspiring leadership was of course crucial in guiding teams and unlocking the impressive growth momentum in our sales, market shares and results. He and the Executive Committee succeeded in swiftly rising to challenges while seizing every opportunity in an ever-changing market. The complementarity of our roles as Chairman and CEO is crucial in pursuing L’Oréal’s ambitious and harmonious development.

I know our people are utterly committed to fighting for a more sustainable planet and a more caring world. As Chairman, I will always ensure L’Oréal continues to embody and inspire change with perseverance, ambition and sincerity.

Dual financial and social excellence will always be at the heart of our business model.

On behalf of the Board of Directors, I would like to thank and congratulate our CEO, the members of the Executive Committee and all our employees around the world for their remarkable achievements.

L’Oréal’s highly demanding governance is also one of its fundamental assets. With their wide-ranging expertise and fruitful exchanges, our directors foster a long-term vision and set a clear course for the Group. This year, the Board focused on strategies in Research & Innovation, Beauty Tech and Green Sciences, as well as our corporate social and environmental responsibility.

Another key asset is the loyalty of our shareholders, with whom the Group has a very close relationship. In this respect, 2022 was a year to remember in terms of The many awards received by L’Oréal for the quality of its financial communications.

Finally, our founding principles never waver. They give us the stability to weather any storm. Underpinned by entrepreneurial spirit, boldness, imagination and ethics, L’Oréal is full of resources, thrives on its diversity and is concerned about the world we live in.

All of these assets fill me with immense confidence in the future.

We are perfectly prepared to create the best of beauty. Our market is solid, our value creation model is balanced and virtuous. Our governance is robust and vigilant. Our teams are talented and determined. Our brands are strong and inclusive. Innovation is in our DNA and greatly augmented by our Beauty Tech and digital edge.

More than ever, L’Oréal is driven by tremendous energy.