L’Oréal has announced sales of €22.47 billion for the first half of 2025, marking a 3.0% like-for-like growth (3.2% adjusted) year-over-year, and a 1.6% increase on a reported basis. Adjusted for the IT transformation phasing in 2024 and 2025, like-for-like growth accelerated from 2.6% in Q1 to 3.7% in Q2.
Emerging markets showed strong double-digit growth, while mainland China returned to positive growth. All divisions contributed to the company’s performance, with professional products leading the way.
Consumer products began recovering in North America, particularly in the makeup segment. Fragrances and hair care continued as the fastest-growing categories, with growth balanced between volume and value.
L’Oréal also achieved a strong operating margin of 21.1%, a 30-basis-point improvement, with all divisions reporting margins above 22%. Net profit, excluding non-recurring items, stood at €3.78 billion, up +1.0% year-over-year.
The results follow L'Oreal's acquisitions of Medik8 (L’Oréal Luxe) and Color Wow (professional products), expanding its presence in skin care and hair care sectors.
Of the results, Nicolas Hieronimus, CEO of L'Oréal, said:
As anticipated, L’Oréal’s like-for-like growth accelerated between first and second quarter. The ongoing strength in emerging markets, the slight rebound in mainland China and the gradual recovery in North America more than offset the expected slowdown in Europe, once again validating our multi-polar model.
The acceleration was supported by a gradual improvement in global beauty market growth, which we expect to continue in the next two quarters. And it was boosted by the early success of our Beauty Stimulus Plan–which will become ever more impactful as we continue to roll-out our most recent blockbusters and as we have many exciting launches in the second half of the year.
Our operating margin increased by 30 basis points in the first half, particularly thanks to rigorous management of our operating expenses; our numerous initiatives in the second half will benefit from strong brand support, notably our major upcoming launches, including the new Prada men's fragrance and the first Miu Miu fragrance.
I am confident that we will continue to outperform the global beauty market – which we expect to grow, even amidst the current economic and geopolitical tensions – and to achieve another year of growth in sales and an increase in our profitability.
