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.
L'Oréal will deliver another year of growth in sales and profit, whilst strengthening our global leadership
Risks mentioned
Mexico market facing challenges with Consumer Products Division experiencing air pocket from commercial issues and temporary supply chain disruptions in makeup
Currency fluctuations creating headwind with negative impact of -1.2% at end of September 2026
Geopolitical situation and customs clearance issues impacting GCC cluster in SAPMENA-SSA region
Opportunities identified
E-commerce growing around +17%, significantly ahead of the online market
Strong momentum in skincare accelerating across all divisions, led by ultra-premium and medical beauty
Emerging markets, particularly SAPMENA-SSA, delivering exceptional double-digit growth with strong India momentum
Outlook / guidance
Management commentary: Our performance in the first nine months gives me confidence that L'Oréal will deliver another year of growth in sales and profit, whilst strengthening our global leadership.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
