ADJUSTED LFL GROWTH ACCELERATING TO +6.9%1 L’ORÉAL CONTINUES ITS WINNING STREAK
• Sales: 35.33 billion euros: +6.9% like-for-like2 and +7.7% reported.
• Adjusted like-for-like growth1: +6.9% – significantly ahead of the global beauty market.
• Growth in all Divisions with remarkable performances from PPD and LDB and a strong recovery in Luxe.
• Growth in all regions, led by SAPMENA-SSA; strong momentum across all of the developed regions.
• Fragrances and haircare driving growth. Skincare continuing to accelerate.
• E-commerce3 up around +17%, well ahead of the online market.
• Growth driven predominantly by mix and volume.
• Closing of the acquisition of a majority stake in Innovist, a leading digital-first Indian personal care house
of brands.
Commenting on the figures, Nicolas Hieronimus, CEO of L’Oréal, said:
“L’Oréal delivered an exceptional third quarter as adjusted like-for-like growth accelerated to +7.7%.
The global beauty market, once again, proved its resilience in a challenging context – and we continued
to significantly outpace it.Driven by the success of our innovation plan, and the passion of our teams, we continue to win in haircare
and fragrances but are now also outperforming the market in the all-important skincare category.
Growing well ahead of the market in e-commerce, we continue to double down on this winning channel
with spectacular results across all regions, notably emerging markets.The impressive results in SAPMENA-SSA, including in India, and the strong performances across all
developed regions, with a special mention of Europe, illustrate our local teams’ ability to win across terrains.
All this underpins my conviction that we are better positioned than ever to win in the long run, leveraging
AI to augment the strengths of the L’Oréal model.Our performance in the first nine months gives me confidence that L’Oréal will deliver another year of
growth in sales and profit, whilst strengthening our global leadership.”
1 Adjusted LFL growth: LFL growth adjusted for the net impact of the phasing of the IT transformation. See detail on page 2.
2 LFL growth: based on a comparable structure and identical exchange rates.
3 Includes sales on L’Oréal’s brand websites, sales to online pure players, and the e-commerce portion of sales to traditional retailers
(based on non-audited declarative data.)
SALES AT 30 SEPTEMBER 2026
In the first nine months, sales amounted to 35.33 billion euros, up +7.7% reported.
Like-for-like, i.e. based on a comparable structure and identical exchange rates, sales grew by +6.9%.
Like-for-like adjusted1, sales grew by +6.9%.
The net impact of changes in the scope of consolidation was +2.0%.
Growth at constant exchange rates came out at +8.9%.
Currency fluctuations had a negative impact of -1.2% at the end of September 2026. If the exchange rates
on 30 September 2026, i.e., 1€=$1.1355, were extrapolated until 31 December, the impact of currency
fluctuations on sales would be around -0.3% for the whole of 2026.
Sales by Division and Region
3rd quarter 2026 Nine months 2026
Growth Growth €m Like-for like Adjusted like-for like*
Reported €m Like-for like Adjusted like-for like*
Reported By Division
Professional Products 1,469.1 +12.1% +13.9% +19.1% 4,389.8 +12.4% +12.3% +16.1%
Consumer Products 4,044.3 +4.3% +3.8% +7.5% 12,687.1 +4.2% +4.2% +4.2%
L’Oréal Luxe 4,176.6 +6.4% +7.0% +12.3% 12,173.3 +5.7% +5.8% +7.0%
Dermatological Beauty 1,871.6 +12.2% +13.9% +15.7% 6,087.4 +11.6% +11.6% +11.2%
Group total 11,561.4 +7.2% +7.7% +11.9% 35,337.6 +6.9% +6.9% +7.7%
By Region
Europe 4,043.2 +9.9% +8.9% +13.2% 12,177.0 +7.0% +7.0% +9.6%
North America 3,151.1 +2.2% +5.6% +6.0% 9,218.2 +6.3% +6.3% +4.8%
North Asia 2,229.0 +7.8% +7.8% +14.1% 7,743.5 +5.5% +5.5% +5.4%
SAPMENA – SSA4 1,222.7 +19.2% +19.5% +21.0% 3,470.0 +15.7% +15.8% +13.1%
Latin America 915.5 -1.0% -3.0% +11.0% 2,728.9 +2.4% +2.4% +9.6%
Group total 11,561.4 +7.2% +7.7% +11.9% 35,337.6 +6.9% +6.9% +7.7%
* Adjusted LFL growth: 9M26 LFL growth (+6.9%) adjusted for the net impact of the phasing of the IT transformation in
9M26 (0.0%) and 9M25 (0.0%). 3Q26 LFL growth (+7.2%) adjusted for the net impact of the phasing of the IT
transformation in 3Q26 (+1.4%) and 3Q25 (-0.9%).
4 SAPMENA – SSA: South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa.
Summary by Division
SALES PROFESSIONAL PRODUCTS
Adjusted like-for-like growth amounted to +12.3%.
Professional Products continued to deliver spectacular growth, significantly outperforming the market. This
was led by the ongoing premiumisation of the haircare category as well as the division’s successful
omnichannel strategy. Growth was driven by both volume and value. In the salon channel, which has
been showing signs of recovery, the Division continued its focus on elevating the consumer experience
through tailored services.
By category, premium haircare remained the key driver: Kérastase posted remarkable double-digit growth
propelled by Gloss Absolu, Genesis and Chronologiste; momentum was fueled further by Redken Acidic
Grow Full and L’Oréal Professionnel Keratin Alpha Sleek. In hair colour, against a more challenging market
backdrop, sales continued to grow and the Division continued to outpace the market, stimulating salon
traffic with breakthrough innovations like Redken Shades EQ and lighteners. In hair styling, the rollout of
Color Wow is underway.
Progress was broad-based across all regions. North America was the largest contributor, while Europe was
particularly dynamic in the DACH, Spain/ Portugal and Poland-Baltics clusters. North Asia was driven by
continued strength in China, while emerging markets delivered spectacular growth, particularly in Brazil,
India and the GCC5.
CONSUMER PRODUCTS
Adjusted like-for-like growth amounted to +4.2%.
The Division posted solid growth with the clear acceleration in unit growth vindicating its strategic focus on
consumer conquests – whether by brand, category or region.
All global brands grew, with particularly strong performances from L’Oréal Paris and NYX Professional
Makeup. The regional mass skincare brands remained highly dynamic: Mixa pursued its successful rollout
in new markets; Thayers saw an outstanding performance in the US; Dr.G continued its global expansion
including in China and Southeast Asia, with the US to come in the fourth quarter.
All categories advanced. The Division continued to win big in haircare, posting double-digit growth with
the rollout of L’Oréal Paris Elsève Collagen Lifter and Garnier Fructis Diamond Sleek. In a resilient makeup
market, growth was driven by innovations like L’Oréal Paris Infaillible, Maybelline New York Sky Tubes
Mascara and NYX Professional Makeup Fat Matte Smooth Lipstick – and the rollout of 3CE in Asia. In
skincare, Garnier Dry Touch pursued its successful expansion across Europe and Latin America; L’Oréal Paris
benefited from the launches of Glass Skin and Revitalift PDRN Filler.
By region, consumer recruitment drove growth across emerging markets, notably SAPMENA-SSA – with
double-digit growth in India and Vietnam and a strong rebound in Indonesia – as well as Brazil. Europe
remained remarkably resilient across all categories, with particularly noteworthy performances in the UK
and Southern Europe. North America maintained its momentum thanks to spectacular haircare growth.
5GCC: Gulf Cooperation Council.
http://www.loreal-finance.com/
LUXE SALES
Adjusted like-for-like growth amounted to +5.8%.
Growth accelerated strongly and the Division significantly outpaced the global selective market –
testament to its ambitious innovation plan and the power of its highly complementary luxury portfolio.
Fragrances remained the primary growth engine, cementing L’Oréal Luxe’s global number one position.
Earlier launches like blockbuster Prada Paradigme and Emporio Armani Stronger with You posted stellar
growth; the core powerhouses consolidated their leadership, led by Yves Saint Laurent: Libre and MYSLF
grew in double digits. Newly acquired Creed delivered a strong performance, reinforcing the Division’s
presence in the very dynamic luxury collection segment. Recent launches like Valentino Vendetta and
Giorgio Armani I Will had a promising start.
Skincare momentum strengthened, driven by the ultra-premium segment, where Helena Rubinstein
continued to deliver phenomenal growth, boosted by the Re-Plasty franchise – as well as luxury medical
beauty, where Medik8 pursued its exceptional trajectory. Chinese brand Yue-Sai continued to grow
strongly.
In makeup, Yves Saint Laurent reinforced its Couture leadership with strong double-digit growth, carried by
both blockbusters like Lovenude and All Hours as well as recent launches like Make Me Blush.
All regions grew. Particularly impressive was the performance in North Asia as momentum accelerated
strongly, placing L’Oréal Luxe well ahead of the market – boosted by the ongoing strength in China, up in
low double digits. Europe accelerated quarter after quarter, while the emerging markets remained a
dynamic growth engine, driven by SAPMENA-SSA.
DERMATOLOGICAL BEAUTY
Adjusted like-for-like growth amounted to +11.6%.
Dermatological Beauty delivered strong, double-digit growth, outpacing a dynamic market.
All three billionaire brands grew in double digits.
La Roche-Posay was powered by both the continued strength of its key pillars and successful launches like
Mela B3 Double-Dose and Anthelios UV Air.
For CeraVe, momentum remained robust in North America and highly dynamic in all other regions, notably
SAPMENA-SSA.
SkinCeuticals’ growth was driven by strong momentum in its two key markets, the US and China, as well as
the continued success of A.G.E. Interrupter Ultra Serum.
Vichy maintained its solid growth driven by the continued success of its Dercos haircare brand, which was
boosted by its anti-hair-loss innovation.
Sun care accelerated, driven by La Roche-Posay Anthelios and the successful launch of CeraVe Sun.
All regions contributed strongly with double-digit growth in North America and North Asia, high-single-digit
growth in Europe, and outstanding emerging markets performance, led by SAPMENA.
http://www.loreal-finance.com/
Summary by Region
SALES EUROPE
Adjusted like-for-like growth amounted to +7.0%.
L’Oréal continued to significantly outpace a robust beauty market across all categories and in both offline
and online channels, with a particularly strong online performance.
Growth was led by the Spain/ Portugal and Poland/ Baltics clusters – with strong performances also in most
mid-sized countries.
Consumer Products maintained strong momentum, driven by haircare and makeup all the while attracting
new consumers with Mixa in body care and L’Oréal Men Expert in hygiene.
L’Oréal Luxe continued to grow significantly faster than the market, driven by the ongoing success of
fragrances – notably men’s fragrances and the Couture brands.
Professional Products pursued its impressive trajectory, supported by robust consumer demand for premium
haircare with outstanding performances from Kérastase and Redken.
Dermatological Beauty continued to widen its market outperformance, propelled by strong skincare sales – notably in anti-aging and skin-repair – and a successful sun season for La Roche-Posay and CeraVe.
NORTH AMERICA
Adjusted like-for-like growth amounted to +6.3%.
L’Oréal delivered another strong performance, outpacing a growing beauty market, driven by successful
innovations, close partnerships with key retailers, and a continued focus on digital, e-commerce, and AI
powered consumer journeys.
Professional Products posted high-single-digit growth. Premium haircare was particularly strong, propelled
by Kérastase and Redken. Hair colour was dynamic, outpacing the market, benefiting from breakthrough
innovation like Redken Shades ALK and Blonde IQ. SalonCentric continued to accelerate.
Dermatological Beauty advanced in double digits, led by a standout performance from La Roche-Posay,
broad-based across key franchises and boosted by the successful expansion at Walmart. CeraVe pursued
its upward trajectory, driven by both skincare and haircare.
Consumer Products grew, led by L’Oréal Paris’ double-digit growth. Haircare was particularly dynamic,
driven by Elvive and Ever, while makeup benefited from a steady stream of successful innovations. Among
the smaller brands, Thayers progressed strongly in skincare.
L’Oréal Luxe outpaced the market, supported by the strength of its fragrance portfolio. The most recent
launches were off to a strong start, including Armani I Will and Valentino Vendetta; the recently integrated
Kering Beauté brands, notably Creed, performed well. In skincare, Medik8 continued to accelerate.
NORTH ASIA
Adjusted like-for-like growth amounted to +5.5%.
L’Oréal delivered a robust performance, accelerating strongly in the third quarter.
By country, the key driver was China. In a market growing in low single digits – still driven by the selective
segment – L’Oréal advanced almost three times faster than the market, benefiting from its strong selective
footprint, its unrivalled brand portfolio, and its innovation step-up; growth was robust online and offline.
L’Oréal grew in Japan, still impacted by subdued tourism, and in Korea, fueled by a rebound in travel
activity. The integration of Dr.G strengthened the regional performance. Travel Retail returned to positive
growth in the third quarter; L’Oréal continued to outpace the market.
In North Asia, growth was driven by the three selective Divisions: Luxe accelerated, boosted by the ongoing
strength in fragrances, and the steady recovery of skincare, led by Helena Rubinstein and Aesop.
Dermatological Beauty and Professional Products reinforced their leadership with all key brands growing
in double digits.
http://www.loreal-finance.com/
SAPMENA–SSA4
SALES
Adjusted like-for-like growth amounted to +15.8%.
In SAPMENA, growth was exceptional and broad-based; all countries, Divisions and categories
contributed; it was driven by mix and volume – aligned with the region’s strategy of new consumer
acquisition.
By country, the Australia-New Zealand cluster maintained its strong momentum; India and Indonesia both
further accelerated, driven by haircare and skincare; Vietnam continued to post outstanding growth. The
GCC cluster advanced in double digits despite challenges resulting from customs clearance issues and
the current geopolitical situation in the region.
All Divisions grew in double digits led by Dermatological Beauty and Professional Products, where haircare
remained particularly strong. In Consumer Products, momentum was driven by haircare. Makeup was also
boosted by strong innovations and the expansion of 3CE in Southeast Asia. Growth in the Luxe Division was
fueled by fragrances, notably Couture brands such as Yves Saint Laurent, Prada and Armani.
Across the region, online maintained outstanding momentum, notably in Southeast Asia, India, and GCC.
In the Sub-Saharan Africa (SSA) region, South Africa was the single largest growth contributor. By Division,
momentum was particularly dynamic in Dermatological Beauty and Professional Products.
LATIN AMERICA
Adjusted like-for-like growth amounted to +2.4%.
Market growth in Latin America continued to soften with both Brazil and Mexico advancing in mid-single
digits.
In that context, L’Oréal’s performance was marked by two different realities.
On the one hand, momentum was strong in Brazil, where all Divisions grew – led by Professional Products
and Dermatological Beauty – and where L’Oréal significantly outpaced the market.
On the other hand, growth was negative in Mexico, where the Consumer Products Division faced a serious
air pocket due to commercial issues and temporary supply chain disruptions in the makeup category –
exacerbated by retailer inventory adjustments.
Momentum was strong and broad-based throughout the Andean region.
E-commerce remained the key growth channel across the region.
http://www.loreal-finance.com/
IMPORTANT EVENTS SINCE THE LAST PUBLICATION
STRATEGY
• Closing of the acquisition of a majority stake in Innovist, a leading digital-first Indian personal care house
of brands that will further support the acceleration of L’Oréal’s business in India.
• L’Oréal’s corporate venture fund BOLD and Nykaa, India’s largest beauty retailer, announced a
partnership to take minority stakes in high-growth Indian beauty, personal care, and wellness brands.
• L’Oréal and Cosmax, a leading Korean cosmetics research, development, and manufacturing
company, have signed a Memorandum of Understanding to collaborate on next-generation beauty
innovations.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE
• L’Oréal named the second cohort of 13 pioneering companies to join L’AcceleratOR, its flagship
sustainable innovation programme. Endowed with €100 million, it aims to identify, pilot and scale
solutions to address the most urgent challenges in climate, nature and circularity.
• In 2026, for the 15th consecutive year, L’Oréal was awarded “Prime” status in the ISS ESG Corporate
Rating, acknowledging the company’s ability to manage its environmental, social, and governance
(ESG) risks.
OTHER
• L’Oréal successfully priced a €2 billion three-part bond, the net proceeds of which will be used for
general corporate purposes. The bonds, which have been rated AA (Stable) by S&P and Aa1 (Stable)
by Moody’s, have been admitted to trading on Euronext Paris.
