2023 universal registration document

7. Share capital and stock market information

7.3 Shareholder structure

STRUCTURE OF SHARE OWNERSHIP AS AT 31 DECEMBER 2023

This diagram shows the structure of share ownership as at 31 December 2023.

Ms. Françoise Bettencourt Meyers and her familyConsisting of Ms Françoise Bettencourt Meyers, Mr Jean-Pierre Meyers, Mr Jean-Victor Meyers and Mr Nicolas Meyers, in addition to the companies Téthys S.A.S. and Financière L’Arcouest S.A.S. : 34.73%
Nestlé: 20.13%
International institutional investors: 30.7%
French institutional investors: 6.63%
Individual shareholders: 5.92%
EmployeesWith regard to employees and former employees of L’Oréal, the percentage also includes the performance shares granted in accordance with Article L. 225-197-1 of the French Commercial Code. Of which 0.99% of the share capital as part of the L’Oréal Employee Savings Plan and employee investment funds as defined by Article L. 225-102 of the French Commercial Code. : 1.89%

Consisting of Ms Françoise Bettencourt Meyers, Mr Jean-Pierre Meyers, Mr Jean-Victor Meyers and Mr Nicolas Meyers, in addition to the companies Téthys S.A.S. and Financière L’Arcouest S.A.S.
With regard to employees and former employees of L’Oréal, the percentage also includes the performance shares granted in accordance with Article L. 225-197-1 of the French Commercial Code. Of which 0.99% of the share capital as part of the L’Oréal Employee Savings Plan and employee investment funds as defined by Article L. 225-102 of the French Commercial Code.

7.3.1. Legal entities or individuals acting in concert to the Company’s knowledge

The Bettencourt Meyers family consists of Ms Françoise Bettencourt Meyers, Mr Jean-Pierre Meyers, Mr Jean-Victor Meyers and Mr Nicolas Meyers, along with the companies Téthys S.A.S. and Financière L’Arcouest S.A.S.

As a reminder, following the expiry of the agreement concluded in 2004 between the Bettencourt Meyers family on the one hand and Nestlé S.A. on the other, these two shareholders have not acted in concert since 21 March 2018.

7.3.2. Variation in allocation of the share capital and voting rights over the last three years

Over the last three years, the allocation of the share capital and the voting rights has changed as follows:

	Number of shares	% of capital	% of voting rightsCalculated in accordance with Article 223-11 of the General Regulations of the AMF.	Number of shares	% of capital	% of voting rightsConcerns the current and former employees of L’Oréal. Pursuant to law no. 2015-990 of 6 August 2015, the percentage also includes the performance shares granted in accordance with Article L. 225-197-1 of the French Commercial Code. Of which 0.99% of the share capital in the L’Oréal Employee Savings Plan (PEE) as defined by Article L. 225-102 of the French Commercial Code.	Number	% of capital	% of voting rightsConcerns the current and former employees of L’Oréal. Pursuant to law no. 2015-990 of 6 August 2015, the percentage also includes the performance shares granted in accordance with Article L. 225-197-1 of the French Commercial Code. Of which 0.99% of the share capital in the L’Oréal Employee Savings Plan (PEE) as defined by Article L. 225-102 of the French Commercial Code.
non-inclus	31.12.2023			31.12.2022			31.12.2021
Ms Françoise Bettencourt Meyers and her familyIncluding, at 31 December 2023, 152,514,292 L’Oréal shares held in absolute ownership by Téthys S.A.S., a company controlled by Ms Françoise Bettencourt Meyers and her family, 27,650,000 L’Oréal shares held in absolute ownership by Financière L’Arcouest S.A.S., also controlled by Ms Françoise Bettencourt Meyers and her family, 5,532,455 shares held in absolute ownership by Ms Françoise Bettencourt Meyers, 15,332 shares held in absolute ownership by Mr Jean-Pierre Meyers, 1,500 shares held in absolute ownership by Mr Jean-Victor Meyers and 1,500 shares held in absolute ownership by Mr Nicolas Meyers.	185 715 079	34.73	34.73On 8 December 2021, the French Financial Markets Authority (French Financial Markets Authority – AMF) granted the Bettencourt Meyers family a waiver from the obligation to file a draft public offer for the L’Oréal shares (AMF decision no. 221C3388), accordingly, the Bettencourt Meyers family has undertaken, for a period expiring at the end of the Annual General Meeting of L’Oréal called in 2025 to approve the financial statements for the financial year ending 31 December 2024, in particular to refrain from exercising the proportion of voting rights in excess of 33.33% of L’Oréal’s voting rights. Within the context of Ms Françoise Bettencourt Meyers’ transfer on 29 December 2023 of 27,650,000 L’Oréal shares to the company Financière L’Arcouest S.A.S., on 12 December 2023, the AMF granted the Bettencourt Meyers family a waiver from the obligation to file a draft public offer for the L’Oréal shares (AMF decision no. 223C2036) following this internal reclassification within the Bettencourt Meyers family group.	185 715 079	34.70	34.70	185,715,079	33.30	33.30
Nestlé S.A.	107 621 021	20.13	20.13	107 621 021	20.11	20.11	107,621,021	19.30	19.30
EmployeesConcerns the current and former employees of L’Oréal. Pursuant to law no. 2015-990 of 6 August 2015, the percentage also includes the performance shares granted in accordance with Article L. 225-197-1 of the French Commercial Code. Of which 0.99% of the share capital in the L’Oréal Employee Savings Plan (PEE) as defined by Article L. 225-102 of the French Commercial Code.	10,124,011	1.89	1.89	9,969,402	1.86	1.86	8,933,867	1.60	1.60
Public	231,265,364	43.25	43.25	231,881,060	43.33	43.33	233,142,393	41.80	41.80
Treasury shares	0	0	0	0	0	0	22,260,000	4.00	4.00
TOTAL	534,725,475	100	100	535,186,562	100	100	557,672,360	100	100

Including, at 31 December 2023, 152,514,292 L’Oréal shares held in absolute ownership by Téthys S.A.S., a company controlled by Ms Françoise Bettencourt Meyers and her family, 27,650,000 L’Oréal shares held in absolute ownership by Financière L’Arcouest S.A.S., also controlled by Ms Françoise Bettencourt Meyers and her family, 5,532,455 shares held in absolute ownership by Ms Françoise Bettencourt Meyers, 15,332 shares held in absolute ownership by Mr Jean-Pierre Meyers, 1,500 shares held in absolute ownership by Mr Jean-Victor Meyers and 1,500 shares held in absolute ownership by Mr Nicolas Meyers.
On 8 December 2021, the French Financial Markets Authority (French Financial Markets Authority – AMF) granted the Bettencourt Meyers family a waiver from the obligation to file a draft public offer for the L’Oréal shares (AMF decision no. 221C3388), accordingly, the Bettencourt Meyers family has undertaken, for a period expiring at the end of the Annual General Meeting of L’Oréal called in 2025 to approve the financial statements for the financial year ending 31 December 2024, in particular to refrain from exercising the proportion of voting rights in excess of 33.33% of L’Oréal’s voting rights. Within the context of Ms Françoise Bettencourt Meyers’ transfer on 29 December 2023 of 27,650,000 L’Oréal shares to the company Financière L’Arcouest S. A.S., on 12 December 2023, the AMF granted the Bettencourt Meyers family a waiver from the obligation to file a draft public offer for the L’Oréal shares (AMF decision no. 223C2036) following this internal reclassification within the Bettencourt Meyers family group.
Concerns the current and former employees of L’Oréal. Pursuant to law no. 2015-990 of 6 August 2015, the percentage also includes the performance shares granted in accordance with Article L. 225-197-1 of the French Commercial Code. Of which 0.99% of the share capital in the L’Oréal Employee Savings Plan (PEE) as defined by Article L. 225-102 of the French Commercial Code.
Calculated in accordance with Article 223-11 of the General Regulations of the AMF.

At 31 December 2023, the Company did not hold any of its