2024 Annual Results
Solid +5.1% Growth in a Challenging Context
Record Results, Reaching 20% Operating Margin
- Sales: 43.48 billion euros, +5.6% reported and +5.1% like-for-like1.
- Another year of outperformance in a normalising global beauty market.
- Like-for-like growth in all Divisions with three out of four outperforming the market.
- Like-for-like growth in all regions except North Asia.
- Growth driven by both value and volume.
- Record operating margin at 20.0% (+20bps and +40bps excluding Aesop).
- Earnings per share2: 12.66 euros, up +4.8%.
- Dividend3: 7.00 euros, up +6.1%.
- Net cash flow: 6.6 billion euros, up +8.6%.
- Sustainability leader: platinum medal by EcoVadis, which ranked L’Oréal in the global top 1% of best companies in terms of environmental and social performance.
Commenting on the figures, Nicolas Hieronimus, CEO of L 'Oréal, said:
“We delivered solid, broad-based growth of +5.1%, once again outperforming the global beauty market. Excluding North Asia, where the Chinese ecosystem remained challenging, sales advanced in high single digits. I am particularly proud of the quality of the P&L management as the Group achieved record gross and operating margins. At 20%, the latter increased 20 basis points. On a comparable basis, excluding Aesop, our operating margin grew 40 basis points and that after a 10 basis points increase in our brand fuel.
2024 was a defining year as we made L’Oréal future fit and laid many foundations for our next conquests: we augmented our marketing and R&I capabilities with AI and tech, advanced with the harmonisation of our IT, simplified our organisational structures, and strengthened our industrial and supply chain resilience. We also continued to sharpen our portfolio: we acquired the Miu Miu license and Korean brand Dr.G, and took minority stakes in Galderma and Amouage.
This will allow us to go ever faster and further in our conquest of new beauty spaces: geographic, demographic and highly promising technologies that offer innovative science-based beauty solutions to the consumer of tomorrow.
In 2025, as we take the first steps in this conquest, we remain optimistic about the outlook for the global beauty market, and confident in our ability to keep outperforming it and to achieve another year of growth in sales and profit. We expect growth to accelerate progressively, supported by our beauty stimulus plan, which will be driven by an exciting pipeline of new launches and continued strong brand support.”
Board appointments and renewals
Meeting on 6 February 2025, the Board of Directors chose to propose to the Annual General Meeting of 29 April 2025 the renewal of the tenures as Directors of Mr. Nicolas Hieronimus, Mr. Paul Bulcke and Mr. Alexandre Ricard, for a four-year term.
The tenure of Ms. Françoise Bettencourt Meyers, a Director of L’Oréal since 1997, Vice-Chairwoman of the Board of Directors since 2020, and a member of the Strategy and Sustainability, Nominations and Governance, Human Resources and Remuneration Committees, expires at the end of this Annual General Meeting.
Ms. Françoise Bettencourt Meyers has informed the Board of Directors that she would not request the renewal of her tenure as Director. After 28 years on the Board, she has expressed her desire to ensure the continuity of the Bettencourt Meyers family 's commitment to L 'Oréal by proposing that the family-owned holding company Téthys join the Board of Directors alongside her two sons, Mr. Jean-Victor and Mr. Nicolas Meyers.
Upon the proposal of Ms. Françoise Bettencourt Meyers and her family, and upon the recommendation of the Nominations and Governance Committee, the Board of Directors will propose to the Annual General Meeting the appointment of Téthys as a Director for a four-year term.
Téthys, the Bettencourt Meyers family’s holding company and the largest shareholder of L’Oréal, is chaired by Ms. Françoise Bettencourt Meyers. If the Annual General Meeting approves the appointment of Téthys as a Director, Téthys would designate Mr. Alexandre Benais, Deputy Chief Executive Officer at Téthys, as its representative. Mr. Alexandre Benais will bring to the Board of Directors his recognized financial expertise and long-term strategic vision.
Mr. Jean-Paul Agon, on behalf of the Board of Directors, warmly thanked Ms. Françoise Bettencourt Meyers for her outstanding contribution to L’Oréal’s success for nearly three decades, her unwavering commitment, and her constant support to the Group. A guardian of its founding values, she played an essential role in the Group 's strategic transformations through her consistently insightful guidance. The Board praised the strong and lasting tie that unites the Bettencourt Meyers family with L 'Oréal, which represents an invaluable asset for the Group, both through the presence of Mr. Jean-Victor and Mr. Nicolas Meyers, as well as the forthcoming presence of the company Téthys.
To replace Ms. Françoise Bettencourt Meyers as Vice-Chair of the Board of Directors, the Bettencourt Meyers family proposed the appointment of Mr. Jean-Victor Meyers following the Annual General Meeting of April 29, 2025, which the Board of Directors unanimously approved. Mr. Paul Bulcke is also Vice-Chair.
The tenure of Ms. Virginie Morgon, a Director of L’Oréal since 2013, and Chairwoman of the Audit Committee since 2016, expires at the end of this Annual General Meeting. After 12 years on the Board, her term will not be submitted for renewal. The Board wished to highlight Ms. Virginie Morgon 's contributions to the work of the Board and the Audit Committee, particularly her financial expertise and active contribution to the development of a sustainable business model.
The Board of Directors, on the recommendation of the Nominations and Governance Committee, will propose to the Annual General Meeting the appointments of Ms. Isabelle Seillier and Ms. Aurélie Jean as independent Directors, for a period of four years.
Ms. Isabelle Seillier spent the majority of her career at JP Morgan, where she notably served as Chairwoman for France and North Africa, before continuing her distinguished career in London as Chairwoman of Investment Banking. Ms. Isabelle Seillier will bring to the Board her recognized financial expertise, her ability to develop a strategic vision in support of sustainable growth, as well as her deep knowledge of the economic environment across several geographical regions. She has been Vice-Chair of the Supervisory Board of the Fondation pour la Recherche Médicale (FRM, French Foundation for Medical Research) since May 2024.
Ms. Aurélie Jean is the founder of In Silico Veritas, a company specializing in data and algorithm consulting and development, and Chief Artificial Intelligence Officer of INFRA, a start-up specializing in precision, personalized, and predictive medicine. Ms. Aurélie Jean will bring to the Board her recognized expertise in innovation and new technologies, particularly in the field of artificial intelligence, her experience of the North American market, and her commitment to diversity and inclusion.
If the Annual General Meeting approves the proposed appointments and renewals, the Board of Directors will comprise 17 Directors, i.e. 15 Directors appointed by the Annual General Meeting and 2 Directors representing the employees.
The balance in terms of independence and gender will be as follows:
- 8 independent Directors out of 15 Directors appointed by the AGM, i.e. 53%
- 9 men and 6 women out of 15 Directors appointed by the AGM, i.e. 40% of female directors.
Projected composition of the Board and Committees following the General Meeting of April 29, 20254
| COMPOSITION OF THE BOARD OF DIRECTORS | Age | W/M | Nationality | Expiry of term of office | BOARD COMMITTES | ||||
| S&S | Audit | Gov. | HR & Rem. | ||||||
| Corporate officiers | Mr. Jean-Paul Agon – Chairman of the Board | 68 | M | French | 2026 | C | |||
| Mr. Nicolas Hieronimus Chief Executive Officer | 61 | M | French | 2029 | |||||
| Bettencourt Meyers family | Mr. Jean-Victor Meyers Vice-Chairman | 39 | M | French | 2028 | ● | ● | ● | |
| Mr. Nicolas Meyers | 36 | M | French | 2028 | ● | ● | |||
| Téthysrepresented by Mr. Alexandre Benais | 49 | M | French | 2029 | ● | ● | |||
| Directors linked to Nestlé | Mr. Paul Bulcke Vice-Chairman | 70 | M | Belgian-Swiss | 2029 | ● | ● | ● | |
| Ms. Béatrice Guillaume-Grabisch | 60 | W | French | 2028 | ● | ||||
| Independent Directors◼ | Ms. Sophie Bellon | 63 | W | French | 2027 | ● | C | ||
| Mr. Patrice Caine | 55 | M | French | 2026 | ● | C | |||
| Ms. Fabienne Dulac | 57 | W | French | 2027 | ● | ● | |||
| Ms. Aurélie Jean | 42 | W | French | 2029 | |||||
| Ms. Ilham Kadri | 56 | W | French -Moroccan | 2028 | ● | ||||
| Mr. Alexandre Ricard | 52 | M | French | 2029 | ● | ● | |||
| Mr. Jacques Ripoll | 59 | M | French | 2028 | C | ● | |||
| Ms. Isabelle Seillier | 65 | W | French | 2029 | ● | ● | |||
| Directors representing employees | Mr. Benny de Vlieger | 60 | M | Belgian | 2026 | ● | |||
| Mr. Thierry Hamel | 70 | M | French | 2026 | ● | ||||
| Independence | NA | 66% | 50% | 57% | |||||
| ◼Independence within the meaning of the criteria of the AFEP-MEDEF Code as assessed by the Board of Directors C Chair of the Committee ● Committee member |
2024 SALES
Sales amounted to 43.48 billion euros at 31 December 2024, up +5.6% reported.
Like-for-like, i.e. based on a comparable structure and identical exchange rates, sales grew by +5.1%.
The net impact of changes in the scope of consolidation was +1.7%.
Growth at constant exchange rates came out at +6.8%. Currency fluctuations had a negative impact of
-1.2% at the end of 2024.
Sales by Division and Region
| 4th quarter 2024 | At 31 December 2024 | |||||
| Growth | Growth | |||||
| €m | Like-for-like | Reported | €m | Like-for-like | Reported | |
| By Division | ||||||
| Professional Products | 1,296.9 | +3.8% | +5.4% | 4,886.2 | +5.3% | +5.0% |
| Consumer Products | 3,912.2 | +2.7% | +5.3% | 15,982.4 | +5.4% | +5.3% |
| L’Oréal Luxe | 4,237.7 | +1.0% | +2.4% | 15,591.1 | +2.7% | +4.5% |
| Dermatological Beauty | 1,634.2 | +5.0% | +7.4% | 7,027.1 | +9.8% | +9.3% |
| Group total | 11,081.1 | +2.5% | +4.5% | 43,486.8 | +5.1% | +5.6% |
| By Region | ||||||
| Europe | 3,510.9 | +5.2% | +7.5% | 14,211.4 | +8.2% | +9.3% |
| North America | 2,900.0 | +1.4% | +2.3% | 11,805.2 | +5.5% | +5.9% |
| North Asia | 2,873.2 | -3.6% | -3.1% | 10,303.4 | -3.2% | -3.4% |
| SAPMENA – SSA5 | 1,023.6 | +11.4% | +11.9% | 3,863.0 | +12.3% | +12.0% |
| Latin America | 773.4 | +7.5% | +24.3% | 3,303.9 | +11.0% | +13.3% |
| Group total | 11,081.1 | +2.5% | +4.5% | 43,486.8 | +5.1% | +5.6% |
Summary by Division
PROFESSIONAL PRODUCTS
The Professional Products Division reported robust growth of +5.3% like-for-like and +5.0% reported.
The Division outperformed the professional beauty market, supported by its strong momentum in premium haircare and its winning omnichannel strategy, with significant acceleration in both e-commerce and selective distribution.
Progress was broad-based across all regions from the developed markets of Europe and North America to the new growth markets, including China, GCC6, Brazil and Mexico.
Kérastase maintained strong double-digit growth, becoming the Division’s largest brand; L’Oréal Professionnel and Redken delivered solid performances.
By category, haircare remained particularly dynamic, driven by blockbuster innovations such as Première by Kérastase, Absolut Repair Molecular by L’Oréal Professionnel and Acidic Color gloss by Redken.
In hair colour, Shades EQ by Redken, iNOA, as well as Dia Color by L 'Oréal Professionnel maintained their performance.
The Division pursued its sustainable transition with strong initiatives in refills and reaffirmed its leading position in Beauty Tech with the launch of AirLight Pro, a revolutionary, less energy-intensive, hair dryer.
CONSUMER PRODUCTS
The Consumer Products Division reported growth of +5.4% like-for-like and +5.3% reported.
Momentum was well balanced across volume, price, and mix, as the Division pursued its strategy to democratise and premiumise the mass beauty market.
Each of the four international brands reported solid growth; the highlight was L’Oréal Paris, which had an outstanding year.
Progress was contrasted by region as strong momentum in Europe and emerging markets more than offset softer performances in the US and China – both of which were adversely impacted by weakening market growth. The Division’s strategic focus on emerging markets was vindicated by the strength in countries such as Mexico, Brazil, India, and Thailand.
All four categories grew, powered by key innovations. Haircare was particularly dynamic, driven by L’Oréal Paris, including its newly launched Elvive Glycolic Gloss. Skincare was the second-fastest growing category thanks to Garnier’s Vitamin C Daily UV fluids, L’Oréal Paris’ Bright Reveal, and the ongoing strength of mass medical brand Mixa, which continued its European roll-out. Makeup benefitted from the introduction of L’Oréal Paris’ blockbuster Panorama mascara and a strong second-half-weighted launch plan including Maybelline New York’s Teddy Tint and NYX Professional Makeup’s Butter Melt. In hair colour, the successful rollout of Garnier’s premium offer Good was complemented by its most accessible launch, Garnier Color Sensation.
LUXE
L 'Oréal Luxe grew +2.7% like-for-like, +4.5% reported.
In 2024, the Division reinforced its worldwide leadership in Luxury Beauty.
Its solid progress reflected its increasingly balanced regional footprint. Outside North Asia, it grew at a remarkable, double-digit pace; the single largest growth contributor was North America, where it became the number one luxury beauty player for the first time, a position it already holds and further consolidated in China, Europe and emerging markets. This allowed the Division to more than offset the ongoing softness in North Asia, where operating conditions remain challenging and where it continued to grow ahead of the market both offline and online, driven by the successful expansion of its couture brands Prada and Valentino – recently launched in the region – and its latest acquisitions, Aesop and Takami.
The Division continued to strengthen the balance between its categories. In fragrances, outstanding momentum was driven by global successes in both, the feminine (Paradoxe by Prada, Born in Roma by Valentino, Libre by Yves Saint Laurent) and masculine segments (Stronger with You by Armani, Wanted by Azzaro, Polo 67 by Ralph Lauren, MYSLF by Yves Saint Laurent). Makeup growth accelerated thanks to the ongoing strength of Yves Saint Laurent in Western markets as well as China, driven by the YSL Loveshine and Touche Eclat pillars. In skincare, Aesop, Takami and Youth to the People pursued their globalisation strategy with very encouraging results.
DERMATOLOGICAL BEAUTY
The Dermatological Beauty Division grew +9.8% like-for-like and +9.3% reported.
For the first time, the Division’s sales crossed the 7-billion-euro mark. It continued to outpace the global dermocosmetics market, which has remained dynamic, despite a gradual slowdown.
The Division grew in all regions with particularly strong momentum in emerging markets, notably SAPMENA5, and Europe; it significantly outperformed the market in North Asia and grew ahead of it in North America.
By brand, growth was led by La Roche-Posay; thanks to the strong contributions from Europe and North America, where it has taken the baton from CeraVe, and boosted by the tremendous success of Mela B3, it has become the world’s third largest skincare brand across all channels.
Despite its stabilisation in the US, CeraVe crossed the 2-billion-euro sales mark, driven by its international expansion with exceptional performances in new markets - notably SAPMENA, China and Brazil - where it is the Division’s trailblazer.
Bolstered by the dynamism of its Dercos haircare line, Vichy continued to advance strongly.
The aesthetics-related brands, SkinCeuticals and Skinbetter Science, grew in double digits; SkinCeuticals was boosted by the promising launch of its disruptive anti-aging innovation P-TIOX.
Summary by Region
EUROPE
Sales in Europe advanced strongly at +8.2 % like-for-like and +9.3% reported.
Europe was the largest contributor to growth at Group level.
Sales grew ahead of a market that was dynamic. They advanced in both volume and value terms, even though the value component gradually normalised, as anticipated.
Sales grew in all countries and the Group outperformed the market in most markets, especially the Spain-Portugal, UK-Ireland, and Germany-Austria-Switzerland clusters, and many of the medium-sized countries.
The haircare, fragrance and makeup categories posted double-digit growth.
In Consumer Products, growth was driven by the continued strength of L 'Oréal Paris, notably in haircare, the makeup brands Maybelline New York and NYX Professional Makeup, as well as the successful roll-out of mass medical brand Mixa.
L 'Oréal Luxe advanced strongly, driven primarily by the couture brands, including Yves Saint Laurent in fragrances and makeup, as well as Valentino and Prada in fragrances; men’s fragrances remained dynamic.
Dermatological Beauty outperformed its market. All three flagship brands recorded double-digit growth, with CeraVe in the lead. La Roche-Posay benefited from the successful launch of Mela B3 and Vichycontinued to grow, strongly fuelled by the success of Dercos.
Professional Products also progressed ahead of its market, driven by the ongoing dynamism of Kérastase and successful launches from the Redken and Matrix brands.
NORTH AMERICA
Sales in North America grew +5.5% like-for-like and +5.9% reported.
In the USA, the Group’s number one country, growth was driven by continued channel expansion and valorisation.
L 'Oréal Luxe outperformed the market, and became No.1 in the USA, fuelled by the continued dynamism of the fragrance category; key contributors were MYSLF by Yves Saint Laurent, Born in Roma by Valentino, and Prada. Skincare growth was driven by Kiehl’s and Youth to the People, which benefitted from a strong launch plan and entry into new online channels.
Consumer Products delivered solid growth in haircare, where it outpaced the market, led by L 'Oréal Paris. The Division was adversely impacted by the softness in the makeup category; thanks to the success of Fat Oil and Duck Plump, NYX Professional Makeup outperformed the market.
Dermatological Beauty grew in line with the market, boosted by the acceleration in online channels. La Roche-Posay continued to advance in double digits, supported by the successful roll-out of Mela B3; the aesthetics-related brands also progressed strongly with SkinCeuticals boosted by the launch of P-Tiox.
Professional Products outperformed the market, driven by successful innovations like Première by Kérastase and Acidic Color Gloss by Redken, and the strength of its omni-channel strategy. The recently launched AirLight Pro hair dryer innovation is off to a promising start.
NORTH ASIA
Sales in North Asia contracted, -3.2% like-for-like and -3.4% reported.
In mainland China, beauty market growth was negative, strongly impacted by the softness in the selective segment. In this challenging context, L’Oréal demonstrated its resilience, posting a low single digit decline in sales. L’Oréal Luxe, Dermatological Beauty and Professional Products outpaced their respective markets; Consumer Products slightly underperformed the mass market.
In Japan, L’Oréal outperformed a very dynamic market. In Travel Retail, given that sell-out continued to be under significant pressure, notably in Hainan, focus remained on securing healthy inventory levels.
In North Asia, Dermatological Beauty posted double-digit growth; all brands contributed with a particularly strong performance from CeraVe. Professional Products outpaced the market, boosted by the continued success of Kérastase. Given the continued challenges in the Chinese ecosystem, sales in L’Oréal Luxe declined and the Division performed in line with the market; in this context, the couture brands including Yves Saint Laurent, Maison Margiela, Prada and Valentino maintained strong momentum. In Consumer Products, L’Oréal Paris’ sales declined in very low single-digits.
In December, L’Oréal announced the acquisition of Dr.G, a leading Korean dermo mass skincare brand.
SAPMENA–SSA5
Sales in SAPMENA-SSA grew +12.3% like-for-like and +12.0% reported.
In SAPMENA, growth was broad-based with all categories and Divisions contributing; it was driven by mix and a positive contribution from both price and volume.
By country, key contributors were the Australia-New Zealand cluster, Thailand, Saudi Arabia, Vietnam, and India.
By Division, Dermatological Beauty saw the strongest growth, fuelled by CeraVe’s outstanding momentum and La Roche-Posay’s successful Mela B3; Luxe maintained its double-digit rhythm, powered primarily by Yves Saint Laurent and Prada.
The most dynamic categories were fragrances and skincare, the latter driven by Dermatological Beauty and Consumer Products. Growth in haircare, both in mass and professional, was boosted by the continued premiumisation strategy.
Online remained a key growth driver, notably in Saudi Arabia, India and South-East Asia.
Sub-Saharan Africa (SSA) delivered another record year with all countries and Divisions growing in double digits. By category, momentum was particularly dynamic in skincare, followed by haircare and fragrances. By Division, key growth contributors were Consumer Products and L’Oréal Dermatological Beauty.
LATIN AMERICA
Sales in Latin America advanced +11.0% like-for-like and +13.3% reported.
Growth was fuelled by well-balanced contributions from value and volume.
Momentum was broad-based by country, led by Mexico and Brazil – the third and sixth largest contributors to growth at Group level respectively. Excluding Argentina, which was negatively impacted by the economic crisis, sales in the region grew +14.7%.
By Division, Consumer Products delivered exceptional growth, with each of the three international brands contributing; Elsève further consolidated its position as the top haircare brand in Brazil by value. L’Oréal Luxe achieved robust growth, driven by strong performances in Brazil and especially Mexico, where the market was very dynamic.
Haircare remained the fastest-growing category across the three relevant Divisions, followed by makeup and fragrances.
Online remained a key growth driver for the region, boosted by the strong performance of pure players.
IMPORTANT EVENTS SINCE THE LAST PUBLICATION
STRATEGY
- In February, L’Oréal agreed to sell approximately 29.6 million of Sanofi shares to Sanofi for €101.5 per share, for a total consideration of €3 billion. Upon completion of the transaction and cancellation of the repurchased shares, L’Oréal will own 7.2% of Sanofi’s share capital and 13.1% of its voting rights.
- L 'Oréal has acquired a minority stake in the High Perfumery House Amouage, becoming a long-term minority investor. Founded in Oman in 1983, to be ‘The Gift of Kings’, Amouage has redefined the Arabian art of perfumery, garnering a global reputation for bringing innovative modernity and true artistry to all its creations, today present in the world’s finest luxury sales points. Following the transaction, SABCO LLC remains Amouage 's majority shareholder.
- In December, L’Oréal announced the signing of Gowoonsesang Cosmetics, owner of the Korean skincare brand Dr.G, from Swiss retail group Migros. Dr.G will be part of the Consumer Products Division, positioned to meet the rising demand for K-Beauty.
RESEARCH, BEAUTY TECH AND DIGITAL
- At CES 2025 in Las Vegas, L’Oréal unveiled Cell BioPrint, a tabletop hardware device that provides personalised skin analysis in just five minutes, using advanced proteomics – the study of how protein composition in the human body affects skin aging.
- In October, L’Oréal earned the prestigious Applied Research Award at the 2024 IFSCC (International Federation of Societies of Cosmetic Chemists) Congress for the discovery of the skin-enhancing effects of ultramarine blue pigments in cosmetics.
- In January, IBM and L 'Oréal announced a collaboration to leverage IBM 's GenAI technology and expertise to uncover new insights in cosmetic formulation data. This unique effort will develop a custom AI foundation model engineered to extend the speed and scale of L’Oréal’s innovation and reformulation pipeline, with products always reaching higher standards of inclusivity, sustainability, and personalization.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE
- In November, SAPMENA region announced having reached as of end-2023 100% renewable energy across all 23 operated sites7, ahead of the Groups 2025 commitment; this includes all factories, distribution centers, R&I, and offices.
- In November, L’Oréal and Chenavari Investment Managers announced the launch of Solstice, a debt fund designed to enable suppliers to accelerate the decarbonisation of their significant industrial projects.
- In January, L 'Oréal was awarded the EcoVadis Platinum medal rating with a score of 84 over 100. This recognition ranks L’Oréal in the top 1% of the highest-rated companies in the world among 150,000 companies assessed.
ART & CULTURE
- In November, L’Oréal signed a 3-year partnership with Le Louvre, entitled “Of All Beauties” – a guided journey of 108 selected works that perfectly illustrate the Essentiality of Beauty across the ages.
2024 RESULTS
Financial statements are audited and the certification report on the consolidated financial statements will be issued once the management report has been approved by the Board of Directors and verified by the Statutory Auditors.
Operating profitability at 20% of sales
Consolidated profit and loss accounts: from sales to operating profit.
| 2023 | 2024 | |||
| €m | % sales | €m | % sales | |
| Sales | 41,182.5 | 100.0% | 43,486.8 | 100.0% |
| Cost of sales | -10,767.0 | 26.1% | -11,227.0 | 25.8% |
| Gross profit | 30,415.5 | 73.9% | 32,259.8 | 74.2% |
| R&I expenses | -1,288.9 | 3.1% | -1,354.7 | 3.1% |
| Advertising and promotion | -13,356.6 | 32.4% | -14,008.9 | 32.2% |
| Selling, general and administrative expenses | -7,626.7 | 18.5% | -8,208.7 | 18.9% |
| Operating profit | 8,143.3 | 19.8% | 8,687.5 | 20.0% |
Gross profit, at 74.2% of sales, improved by 30 basis points.
Research & Innovation expenses remained stable at 3.1% of sales.
Advertising and promotional expenses decreased by 20 basis points to 32.2% of sales, equivalent to an increase of more than 4.9% year-on-year.
Selling, general and administrative expenses increased by 40 basis points to 18.9% of sales.
Overall, operating profit increased by +6.7% to 8,687.5 million euros, and amounted to 20% of sales, an improvement of 20 basis points.
Operating profit by Division
| 2023 | 2024 | |||
| €m | % sales | €m | % sales | |
| By Division | ||||
| Professional Products | 1,005.3 | 21.6% | 1,086.2 | 22.2% |
| Consumer Products | 3,114.7 | 20.5% | 3,376.4 | 21.1% |
| L’Oréal Luxe | 3,331.8 | 22.3% | 3,469.7 | 22.3% |
| Dermatological Beauty | 1,670.9 | 26.0% | 1,832.7 | 26.1% |
| Divisions total | 9,122.7 | 22.2% | 9,765.0 | 22.5% |
| Non-allocated8 | -979.4 | -2.4% | -1,077.5 | -2.5% |
| Group | 8,143.3 | 19.8% | 8,687.5 | 20.0% |
The profitability of the Professional Products Division came out at 22.2% of sales, up 60 basis points.
The profitability of the Consumer Products Division came out at 21.1% of sales, up 60 basis points.
The profitability of the Luxe Division came out at 22.3% of sales, stable compared to 2023.
The profitability of the Dermatological Beauty Division came out at 26.1%, up 10 basis points.
Non-allocated expenses amounted to 1,007.5 million euros.
Net profit
Consolidated profit and loss accounts: from operating profit to net profit excluding non-recurring items.
| €m | 2023 | 2024 | Growth |
| Operating profit | 8,143.3 | 8,687.52 | +6.7% |
| Financial revenues and expenses excluding Sanofi dividends | -113.4 | -261.4 | |
| Sanofi dividends | 420.9 | 444.5 | |
| Profit before tax excluding non-recurring items | 8,450.8 | 8,870.6 | +5.0% |
| Income tax excluding non-recurring items | -1,957.8 | -2,075.4 | |
| Net profit excluding non-recurring items of equity consolidated companies | +0.2 | -1.3 | |
| Non-controlling interests | -6.7 | -7.6 | |
| Net profit after non-controlling interests excluding non-recurring items | 6,486.6 | 6,786.3 | +4.6% |
| EPSErreur ! Signet non défini.Erreur ! Signet non défini. (€) | 12.08 | 12.66 | +4.8% |
| Net profit after non-controlling interests | 6,184.0 | 6 408,7 | +3.6% |
| Diluted EPS after non-controlling interests (€) | 11.52 | 11.95 | |
| Diluted average number of shares | 537,021,039 | 536,078,431 |
Net finance costs amounted to 261.4 million euros.
Sanofi dividends totalled 444.5 million euros.
Income tax excluding non-recurrent items amounted to 2,075 million euros, representing a tax rate of 23.4%.
Net profit excluding non-recurring items after non-controlling interests stood at 6,786 million euros.
Earnings per share2, at 12.66 euros, increased by +4.8%.
Non-recurring items after non-controlling interests9 amounted to 377.6 million euros net of tax.
Net profit after non-controlling interests came out at 6,408.7 million euros, increasing by +3.6%.
Cash flow statement, Balance sheet and Cash position
Gross cash flow amounted to 8,512.6 million euros, an increase of +6.4%.
The working capital requirement increased by 227 million euros.
At 1,641.7 million euros, investmentsrepresented 3.8% of sales.
Net cash flow10, at 6,644 million euros, increased by 8.6%.
The balance sheet remains strong, with shareholders’ equity amounting to 33.1 billion euros.
Proposed dividend at the Annual General Meeting of 29 April 2025
The Board of Directors has decided to propose a dividend of 7.00 euros per share at the shareholders’ Annual General Meeting of 29 April 2025, an increase of +6.1% compared with the dividend paid in 2024. The dividend will be paid on 7 May 2025 (ex-dividend date 5 May 2025 at 0:00am, Paris time).
Share capital
At 31 December 2024, the capital of the company is formed by 534,312,021 shares.
The L’Oréal Board of Directors met on 6 February 2025, under the chairmanship of Jean-Paul Agon and in the presence of the Statutory Auditors. The Board approved the consolidated financial statements and the financial statements for 2024.
“This news release does not constitute an offer to sell, or a solicitation of an offer to buy L’Oréal shares. If you wish to obtain more comprehensive information about L’Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our website www.loreal-finance.com.
This news release may contain some forward-looking statements. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements.”
About L’Oréal
For 115 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (ecommerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2024 the Group generated sales amounting to 43.48 billion euros. With 21 research centers across 13 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 8,000 Digital talents, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. More information on https://www.loreal.com/en/mediaroomMore information on https://www.loreal.com/en/mediaroom
L’ORÉAL CONTACTS
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Individual shareholders
Pascale Guerin
+33 (0)1 49 64 18 89
Investor relations
Eva Quiroga
+33 (0)7 88 14 22 65
Journalists
Brune Diricq
+33 (0)6 63 85 29 87
brune.diricq@loreal.com
Christine Burke
+33 (0)6 75 54 38 15
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, the website for shareholders and investors, www.loreal-finance.com or the L’Oréal Finance app; alternatively, call +33 (0)1 40 14 80 50.
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1 Like-for-like: based on a comparable structure and identical exchange rates.
2 Diluted earnings per share (EPS), based on net profit, excluding non-recurring items, after non-controlling interests.
3 To be proposed at the Annual General Meeting of 29 April 2025.
4 Assuming the General Meeting of April 29, 2025 approves the proposed appointments and renewals.
5 SAPMENA – SSA: South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa
6 GCC: Gulf Cooperation Council.
7Excluding safety and security installations
8 Non-allocated = Central Group expenses, fundamental research expenses, free grant of shares expenses and miscellaneous items.
9 Non-recurring items include impairment of assets, capital gains and losses on disposals of long-term assets, restructuring costs and tax effects of non-recurring items.
10 Net cash flow = Gross cash flow + changes in working capital - capital expenditure.
Appendices
Appendix 1: L’Oréal group sales 2023/2024 (€ million)
| 2023 | 2024 | |||
| €m | €m | Like-for-like evolution | Reported evolution | |
| First quarter | 10,380.4 | 11,245.0 | +9.4% | +8.3% |
| Second quarter | 10,193.7 | 10,875.8 | +5.3% | +6.7% |
| First half total | 20,574.1 | 22,120.8 | +7.3% | +7.5% |
| Third quarter | 10,003.1 | 10,284.9 | +3.4% | +2.8% |
| Nine months total | 30,577.2 | 32,405.7 | +6.0% | +6.0% |
| Fourth quarter | 10,605.3 | 11,081.1 | +2.5% | +4.5% |
| Full year total | 41,182.5 | 43,486.8 | +5.1% | +5.6% |
Appendix 2: Compared consolidated income statements
| € millions | 2024 | 2023 | 2022 |
| Net sales | 43,486.8 | 41,182.5 | 38,260.6 |
| Cost of sales | -11,227.0 | -10,767.0 | -10,577.4 |
| Gross profit | 32,259.8 | 30,415.5 | 27,683.3 |
| Research & Innovation expenses | -1,354.7 | -1,288.9 | -1,138.6 |
| Advertising and promotion expenses | -14,008.9 | -13,356.6 | -12,059.0 |
| Selling, general and administrative expenses | -8,208.7 | -7,626.7 | -7,028.8 |
| Operating profit | 8,687.5 | 8,143.3 | 7,456.9 |
| Other income and expenses | -437.7 | -449.9 | -241.5 |
| Operational profit | 8,249.8 | 7,693.4 | 7,215.4 |
| Finance costs on gross debt | -373.4 | -226.7 | -70.4 |
| Finance income on cash and cash equivalents | 148.7 | 162.1 | 69.8 |
| Finance costs, net | -224.7 | -64.6 | -0.6 |
| Other financial income and expenses | -36.7 | -48.8 | -72.3 |
| Sanofi dividends | 444.5 | 420.9 | 468.2 |
| Profit before tax and associates | 8,432.9 | 8,001.0 | 7,610.6 |
| Income tax | -2,015.1 | -1,810.6 | -1,899.4 |
| Share of profit in associates | -1.3 | 0.2 | 1.4 |
| Net profit | 6,416.5 | 6,190.5 | 5,712.6 |
| Attributable to: | | | |
| owners of the company | 6,408.7 | 6,184.0 | 5,706.6 |
| non-controlling interests | 7.8 | 6.5 | 6.0 |
| Earnings per share attributable to owners of the company (euros) | 11.99 | 11.55 | 10.65 |
| Diluted earnings per share attributable to owners of the company (euros) | 11.95 | 11.52 | 10.61 |
| Earnings per share attributable to owners of the company, excluding non-recurring items (euros) | 12.70 | 12.11 | 11.30 |
| Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros) | 12.66 | 12.08 | 11.26 |
Appendix 3: Consolidated statement of comprehensive income
| € millions | 2024 | 2023 | 2022 |
| Consolidated net profit for the period | 6,416.5 | 6,190.5 | 5,712.6 |
| Cash flow hedges | -77.1 | -137.3 | 288.5 |
| Cumulative translation adjustments | 260.6 | -425.8 | 195.1 |
| Income tax on items that may be reclassified to profit or loss (1) | 4.1 | 22.7 | -58.0 |
| Items that may be reclassified to profit or loss | 187.7 | -540.3 | 425.6 |
| Financial assets at fair value through other comprehensive income | 1,144.9 | -76.3 | 152.1 |
| Actuarial gains and losses | 154.2 | -119.3 | 395.6 |
| Income tax on items that may not be reclassified to profit or loss (1) | -72.5 | 28.9 | -111.5 |
| Items that may not be reclassified to profit or loss | 1,226.6 | -166.7 | 436.2 |
| Other comprehensive income | 1,414.3 | -707.0 | 861.8 |
| CONSOLIDATED COMPREHENSIVE INCOME | 7,830.8 | 5,483.6 | 6,574.4 |
| Attributable to: | | | |
| owners of the company | 7,823.2 | 5,477.7 | 6,567.6 |
| non-controlling interests | 7.5 | 5.9 | 6.8 |
(1) The tax effect is as follows:
| | € millions | 2024 | 2023 | 2022 |
| | Cash flow hedges | 4.1 | 22.7 | -58.0 |
| | Items that may be reclassified to profit or loss | 4.1 | 22.7 | -58.0 |
| | Financial assets at fair value through other comprehensive income | -33.3 | -1.3 | -6.1 |
| | Actuarial gains and losses | -39.2 | 30.2 | -105.5 |
| | Items that may not be reclassified to profit or loss | -72.5 | 28.9 | -111.5 |
| | TOTAL | -68.3 | 51.6 | -169.5 |
Appendix 4: Compared consolidated balance sheets
Assets
| € millions | 31.12.2024 | 31.12.2023 | 31.12.2022 |
| Non-current assets | 39,879.9 | 35,529.7 | 32,794.5 |
| Goodwill | 13,382.0 | 13,102.6 | 11,717.7 |
| Other intangible assets | 4,594.8 | 4,287.1 | 3,640.1 |
| Right-of-use assets | 1,763.2 | 1,692.4 | 1,482.7 |
| Property, plant and equipment | 4,202.0 | 3,867.7 | 3,481.7 |
| Non-current financial assets | 14,838.1 | 11,631.6 | 11,652.8 |
| Investments accounted for under the equity method | 126.4 | 27.0 | 18.4 |
| Deferred tax assets | 973.3 | 921.2 | 801.1 |
| Current assets | 16,473.5 | 16,325.4 | 14,049.6 |
| Inventories | 4,630.1 | 4,482.4 | 4,079.4 |
| Trade accounts receivable | 5,601.8 | 5,092.7 | 4,755.5 |
| Other current assets | 1,955.3 | 2,270.6 | 2,423.2 |
| Current tax assets | 234.1 | 191.6 | 173.9 |
| Cash and cash equivalents | 4,052.3 | 4,288.1 | 2,617.7 |
| TOTAL | 56,353.4 | 51,855.1 | 46,844.2 |
Equity & Liabilities
| € millions | 31.12.2024 | 31.12.2023 | 31.12.2022 |
| Equity | 33,137.8 | 29,081.6 | 27,186.5 |
| Share capital | 106.9 | 106.9 | 107.0 |
| Additional paid-in capital | 3,444.3 | 3,370.2 | 3,368.7 |
| Other reserves | 16,144.8 | 13,799.1 | 11,675.6 |
| Other comprehensive income | 7,277.8 | 6,123.8 | 6,404.4 |
| Cumulative translation adjustments | -249.2 | -509.6 | -83.8 |
| Treasury shares | — | — | — |
| Net profit attributable to owners of the company | 6,408.7 | 6,184.0 | 5,706.6 |
| Equity attributable to owners of the company | 33,133.3 | 29,074.3 | 27,178.5 |
| Non-controlling interests | 4.5 | 7.3 | 8.0 |
| Non-current liabilities | 8,579.6 | 7,873.8 | 5,937.9 |
| Provisions for employee retirement obligations and related benefits | 668.9 | 562.0 | 457.9 |
| Provisions for liabilities and charges | 76.8 | 68.8 | 67.7 |
| Non-current tax liabilities | 224.3 | 255.7 | 275.6 |
| Deferred tax liabilities | 964.5 | 846.6 | 905.6 |
| Non-current borrowings and debt | 5,187.1 | 4,746.7 | 3,017.6 |
| Non-current lease debt | 1,458.0 | 1,394.2 | 1,213.5 |
| Current liabilities | 14,636.0 | 14,899.7 | 13,719.6 |
| Trade accounts payable | 6,468.5 | 6,347.0 | 6,345.6 |
| Provisions for liabilities and charges | 1,093.1 | 977.2 | 1,205.6 |
| Other current liabilities | 4,949.6 | 4,816.1 | 4,484.6 |
| Income tax | 275.1 | 208.1 | 264.2 |
| Current borrowings and debt | 1,381.3 | 2,091.5 | 1,012.8 |
| Current lease debt | 468.6 | 459.8 | 407.0 |
| TOTAL | 56,353.4 | 51,855.1 | 46,844.2 |
Appendix 5: Consolidated statements of changes in equity
| € millions | Common shares outstanding | Capital | Additional paid-in capital | Retained earnings and net profit (1) | Other comprehensive income | Treasury shares | Cumulative translation adjustments | Equity attributable to owners of the company | Non-controlling interests | Total equity |
| At 31.12.2021 | 535,412,360 | 111.5 | 3,265.6 | 23,689.3 | 5,738.6 | -8,940.2 | -279.1 | 23,585.7 | 6.9 | 23,592.6 |
| Impact of the application of the IFRIC decision on SaaS contracts | | | | -151.2 | — | | | -151.2 | -151.2 | |
| At 01.01.2022 (1) | 535,412,360 | 111.5 | 3,265.6 | 23,538.1 | 5,738.6 | -8,940.2 | -279.1 | 23,434.5 | 6.9 | 23,441.4 |
| Consolidated net profit for the period | | | | 5,706.6 | — | | | 5,706.6 | 6.0 | 5,712.6 |
| Cash flow hedges | | | | | 229.7 | | | 229.7 | 0.8 | 230.5 |
| Cumulative translation adjustments | | | | | | | 195.3 | 195.3 | -0.2 | 195.1 |
| Other comprehensive income that may be reclassified to profit and loss | | | | | 229.7 | | 195.3 | 425.0 | 0.6 | 425.6 |
| Financial assets at fair value through other comprehensive income | | | | | 146.1 | | | 146.1 | | 146.1 |
| Actuarial gains and losses | | | | | 290.0 | | | 290.0 | 0.1 | 290.1 |
| Other comprehensive income that may not be reclassified to profit and loss | | | | | 436.1 | | | 436.1 | 0.1 | 436.2 |
| Consolidated comprehensive income | | | | 5,706.6 | 665.8 | | 195.3 | 6,567.6 | 6.8 | 6,574.4 |
| Capital increase | 1,317,073 | 0.3 | 103.1 | -0.2 | | | | 103.2 | | 103.2 |
| Cancellation of Treasury shares | — | -4.8 | | -9,437.7 | | 9,442.5 | | — | | — |
| Dividends paid (not paid on Treasury shares) | — | — | | -2,601.2 | | | | -2,601.2 | -4.4 | -2,605.6 |
| Share-based payment | — | — | | 169.0 | | | | 169.0 | | 169.0 |
| Net changes in Treasury shares | -1,542,871 | — | | | | -502.3 | | -502.3 | | -502.3 |
| Changes in the scope of consolidation | | — | | — | | — | — | — | — | — |
| Other movements (1) | | — | | 7.6 | — | — | | 7.6 | -1.2 | 6.4 |
| At 31.12.2022 | 535,186,562 | 107.0 | 3,368.7 | 17,382.2 | 6,404.4 | — | -83.8 | 27,178.5 | 8.0 | 27,186.5 |
| Consolidated net profit for the period | | | | 6,184.0 | — | | — | 6,184.0 | 6.5 | 6,190.5 |
| Cash flow hedges | | | | | -113.9 | | — | -113.9 | -0.6 | -114.5 |
| Cumulative translation adjustments | | | | | — | | -425.9 | -425.9 | 0.1 | -425.8 |
| Other comprehensive income that may be reclassified to profit and loss | | | | | -113.9 | | -425.9 | -539.8 | -0.6 | -540.3 |
| Financial assets at fair value through other comprehensive income | | | | | -77.5 | | — | -77.5 | | -77.5 |
| Actuarial gains and losses | | | | | -89.2 | | — | -89.2 | -89.2 | |
| Other comprehensive income that may not be reclassified to profit and loss | | | | | -166.7 | | | -166.7 | — | -166.7 |
| Consolidated comprehensive income | | | | 6,184.0 | -280.6 | | -425.9 | 5,477.6 | 5.9 | 5,483.6 |
| Capital increase | 810,545 | 0.2 | 1.5 | — | — | | — | 1.7 | | 1.7 |
| Cancellation of Treasury shares | — | -0.3 | | -503.2 | — | 503.3 | — | -0.2 | | -0.2 |
| Dividends paid (not paid on Treasury shares) | — | — | | -3,248.4 | — | | — | -3,248.4 | -6.2 | -3,254.6 |
| Share-based payment | — | — | | 168.5 | — | | — | 168.5 | | 168.5 |
| Net changes in Treasury shares | -1,271,632 | — | | — | — | -503.3 | — | -503.3 | | -503.3 |
| Changes in the scope of consolidation | — | — | | | — | — | | — | | — |
| Other movements | — | — | | -0.1 | — | | | -0.1 | -0.4 | -0.6 |
| At 31.12.2023 | 534,725,475 | 106.9 | 3,370.2 | 19,983.1 | 6,123.8 | — | -509.6 | 29,074.3 | 7.3 | 29,081.6 |
(1) After taking account of the IFRIC final decision in April 2021 on set-up and customization costs for SaaS-type contracts software.
| € millions | Common shares outstanding | Capital | Additional paid-in capital | Retained earnings and net profit | Other comprehensive income | Treasury shares | Cumulative translation adjustments | Equity attributable to owners of the company | Non-controlling interests | Total equity |
| At 31.12.2023 | 534,725,475 | 106.9 | 3,370.2 | 19,983.1 | 6,123.8 | — | -509.6 | 29,074.3 | 7.3 | 29,081.6 |
| Consolidated net profit for the period | | | | 6,408.7 | | | | 6,408.7 | 7.8 | 6,416.5 |
| Cash flow hedges | | | | | -72.5 | | | -72.5 | -0.4 | -72.9 |
| Cumulative translation adjustments | | | | | | | 260.4 | 260.4 | 0.2 | 260.6 |
| Other comprehensive income that may be reclassified to profit and loss | | | | | -72.5 | | 260.4 | 187.9 | -0.2 | 187.7 |
| Financial assets at fair value through other comprehensive income | | | | | 1,111.6 | | — | 1,111.6 | | 1,111.6 |
| Actuarial gains and losses | | | | | 115.0 | | — | 115.0 | 115.0 | |
| Other comprehensive income that may not be reclassified to profit and loss | | | | | 1,226.6 | | | 1,226.6 | — | 1,226.6 |
| Consolidated comprehensive income | | | | 6,408.7 | 1,154.1 | | 260.4 | 7,823.2 | 7.5 | 7,830.8 |
| Capital increase | 895,103 | — | 69.8 | | | | 69.9 | | 69.9 | |
| Cancellation of Treasury shares | | -0.1 | | -497.4 | | 497.5 | | — | | — |
| Dividends paid (not paid on Treasury shares) | | | | -3,565.1 | | | | -3,565.1 | -7.1 | -3,572.1 |
| Share-based payment | | | | 239.1 | | | | 239.1 | | 239.1 |
| Net changes in Treasury shares | -1,308,557 | | | | | -497.5 | | -497.5 | | -497.5 |
| Changes in the scope of consolidation | | | | | | | | — | | — |
| Other movements | | | 4.3 | -14.9 | — | | | -10.6 | -3.2 | -13.8 |
| AT 31.12.2024 | 534,312,021 | 106.9 | 3,444.3 | 22,553.5 | 7,277.8 | — | -249.2 | 33,133.3 | 4.5 | 33,137.8 |
Appendix 6: Compared consolidated statements of cash flows
| € millions | 2024 | 2023 | 2022 |
| Cash flows from operating activities | | | |
| Net profit attributable to owners of the company | 6,408.7 | 6,184.0 | 5,706.6 |
| Non-controlling interests | 7.8 | 6.5 | 6.0 |
| Elimination of expenses and income with no impact on cash flows: | | | |
| 1,855.3 | 1,715.0 | 1,536.1 |
| -37.4 | -95.3 | -96.5 |
| 239.1 | 168.5 | 169.0 |
| 15.2 | 6.9 | 7.6 |
| Other non-cash transactions | 21.1 | 14.1 | -38.7 |
| Share of profit in associates net of dividends received | 2.9 | -0.2 | -0.5 |
| Gross cash flow | 8,512.6 | 7,999.5 | 7,289.6 |
| Changes in working capital (1) | -226.6 | -394.9 | -1,011.3 |
| Net cash provided by operating activities (A) | 8,286.0 | 7,604.6 | 6,278.3 |
| Cash flows from investing activities | | | |
| Purchases of property, plant and equipment and intangible assets | -1,641.7 | -1,488.7 | -1,343.2 |
| Disposals of property, plant and equipment and intangible assets | 13.6 | 12.8 | 9.2 |
| Changes in other financial assets (including investments in non-consolidated companies) | -1,927.0 | -170.7 | -142.8 |
| Effect of changes in the scope of consolidation | -148.9 | -2,497.2 | -746.9 |
| Net cash from investing activities (B) | -3,703.9 | -4,143.7 | -2,223.8 |
| Cash flows from financing activities | | | |
| Dividends paid | -3,614.9 | -3,425.6 | -2,689.9 |
| Capital increase of the parent company | 69.9 | 1.5 | 103.2 |
| Disposal (acquisition) of Treasury shares | -497.5 | -503.3 | -502.3 |
| Purchase of non-controlling interests | -13.9 | — | — |
| Issuance (repayment) of short-term loans | -1,775.9 | -823.7 | -3,563.8 |
| Issuance of long-term borrowings | 1,529.4 | 3,567.1 | 3,019.9 |
| Repayment of long-term borrowings | -7.9 | — | — |
| Repayment of lease debt | -474.3 | -430.6 | -446.9 |
| Net cash from financing activities (C) | -4,785.1 | -1,614.6 | -4,079.9 |
| Net effect of changes in exchange rates and fair value (D) | -32.8 | -175.9 | -70.7 |
| Change in cash and cash equivalents (A+B+C+D) | -235.8 | 1,670.4 | -96.1 |
| Cash and cash equivalents at beginning of the year (E) | 4,288.1 | 2,617.7 | 2,713.8 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E) | 4,052.3 | 4,288.1 | 2,617.7 |
- Following the outcome in 2023 of the dispute with the French Competition Authority, the reversal of the provision and the reversal of the debt for the same amount of €189.5 million were presented in operations without impact on cash flow.
Attachment
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