On January 7, the cosmetics group issued a bond in three tranches with a total nominal amount of 1.75 billion euros, according to a statement released Tuesday evening.
The operation consists of a 650 million euros tranche with a 2-year maturity, featuring a variable rate coupon indexed to the 3-month Euribor plus 20 basis points per year. A second tranche of 500 million euros matures in 3 years, with a fixed coupon rate of 2.5% per year. The third and final tranche involves 600 million euros with a 6-year maturity, at a fixed rate of 2.875% per year. The bonds are expected to be rated AA with a stable outlook by Standard & Poor's and Aa1 with a stable outlook by Moody's, as indicated by the company. Trading on Euronext Paris is scheduled to start from January 12, 2026, the settlement-delivery date.
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The net proceeds from this issue will be allocated to the general needs of the company, the statement specifies. It will particularly help finance the acquisition of an additional 10% stake in Galderma, a transaction announced in December 2025. The group has not detailed the exact allocation of the funds between this acquisition and other financing needs. The operation was conducted with BNP Paribas, BofA Securities, and Crédit Agricole CIB as global coordinators, while Commerzbank, Deutsche Bank, HSBC, JP Morgan, Morgan Stanley, and Santander served as bookrunners.
Company Overview
L'Oréal employs over 90,000 staff and has a portfolio of 37 international brands. The group reported a revenue of 43.48 billion euros in 2024, according to the data provided. The company relies on 21 research centers spread across 13 countries, a dedicated team for research and innovation comprising more than 4,000 researchers and 8,000 digital talents. Fortune magazine named L'Oréal the most innovative company in Europe in 2025, among 300 companies evaluated in a ranking covering 21 countries and 16 sectors of activity, the statement recalls.
« 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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