L'Oréal Issues 3 Billion Euros in Bonds Across Three Tranches
L'Oréal has announced the successful placement of a bond issue totaling 3 billion euros, aimed at financing general corporate needs and the acquisition of Kering Beauté.
According to the press release, L'Oréal structured its bond issue into three tranches. The first tranche amounts to 850 million euros with a 2-year maturity and a variable coupon rate of 3-month Euribor plus 20 basis points per annum. The second tranche, worth 1,000 million euros, has a 5-year maturity with a fixed coupon of 2.750% per annum. Finally, the third tranche is for 1,150 million euros, with a 10-year maturity and a fixed coupon of 3.375% per annum.
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According to the company, the net proceeds from this bond issue will be used for L'Oréal's general corporate purposes, including partly financing the acquisition of Kering Beauté. The issued bonds have received AA (Stable) ratings from S&P and Aa1 (Stable) from Moody's. They are expected to be admitted for trading on Euronext Paris on November 19, 2025.
Coordination and Support
The coordination of the bond issue was managed by Société Générale, Natixis, JP Morgan, and Citi, while Standard Chartered, ING, Barclays, and HSBC served as bookrunners. L'Oréal, a major player in the beauty industry, continues to develop its global strategy, supported by these financial operations.
« 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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