According to L'Oréal, the company has acquired an additional 10% of Galderma Group AG from a consortium led by EQT, including Sunshine SwissCo GmbH, Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd. The amount of the transaction was not disclosed, but it increases L'Oréal's stake in Galderma to 20%. This transaction will be finalized after customary regulatory approvals, expected in the first quarter of 2026.
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Per the announcement, L'Oréal's new stake in Galderma will allow for the appointment of two non-independent directors representing L'Oréal on Galderma's board of directors. These appointments will replace members of the consortium led by EQT at the Annual General Meeting in 2026. The agreement includes standard clauses for this type of investment, and the existing shareholders' agreement with Sunshine SwissCo GmbH will terminate upon completion of the transaction.
The transaction, supported by Galderma, will be financed through L'Oréal's available equity and credit lines. L'Oréal states that this operation is part of its intention to strengthen the scientific partnership with Galderma. Nicolas Hieronimus, CEO of L'Oréal, emphasized the importance of aesthetics in connection with the company's core business, beauty. Once the transaction is finalized, L'Oréal will consolidate its stake by equity accounting of Galderma's results.
« 2025 a été une année déterminante pour L’Oréal : nous avons réalisé des résultats solides tout en transformant le Groupe en profondeur. »
Résultats annuels 2025: chiffre d’affaires de 44,052 milliards d'euros (+1,3 % publié, +4,0 % à données comparables); marge brute à 74,3 %, marge d’exploitation à 20,2 %, bénéfice net par action à 12,71 €, dividende par action à 7,20 €, cash-flow opérationnel de 7,161 milliards d'euros; croissance soutenue par toutes les divisions et zones, forte dynamique e-commerce (~ 30%), et initiatives stratégiques (IA, M&A, Galderma).
Risks mentioned
Incidences macroéconomiques et incertitudes sur le marché mondial de la beauté
Effets de change et droits de douane défavorables
Opportunities identified
Plan de lancements et IA renforçant l’innovation produit
Croissance via le e-commerce et l’expansion internationale (Etats-Unis, Chine, marchés émergents)
Acquisitions et expansion via la participation accrue dans Galderma
Outlook / guidance
Management commentary: L’Oréal prévoit une année 2026 optimiste malgré les incertitudes macroéconomiques, et compte sur la croissance du chiffre d’affaires et des résultats grâce à sa stratégie multi-Divisions et à ses initiatives en intelligence artificielle et transformation digitale.
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