L’Oréal reported H1 26 sales of €23.77bn, up 5.8% reported with strong premium haircare and dermatological beauty momentum and continued progress in the mass market and selective beauty. Like-for-like growth was 6.8%, or 6.5% after adjusting for the timing of its IT transformation. Operating profit rose 6.8% to €5.06bn and the operating margin increased 20 basis points to 21.3%. Net profit excluding non-recurring items increased 4.7% to €3.96bn.
All four divisions grew. Professional Products was the fastest at 11.6% adjusted like-for-like, followed by Dermatological Beauty at 10.6%, L’Oréal Luxe at 5.1% and Consumer Products at 4.3%. In Q2 adjusted group growth slightly decreased to 6.3% from 6.7% in Q1. Consumer Products accelerated to 4.6% from 4.1%, and Dermatological Beauty to 11.1% from 10.2%. Professional Products slowed to 10.1% from 13.1%, while Luxe moved to 4.7% from 5.6%.
Professional Products continued to be driven by premium haircare, omnichannel distribution and salon services while Color Wow integration began. Kérastase, Redken and L’Oréal Professionnel respectively launched Gloss Absolu Crème, Acidic Grow Full and Keratin Alpha Sleek, while Redken Shades ALK and the DiaLight relaunch aimed to stimulate the softer hair color category.
Consumer Products accelerated in Q2, with L’Oréal Paris particularly strong. Haircare grew double digits, supported by Elvive Collagen Lifter and Garnier Fructis Diamond Sleek. Makeup benefited from innovation at L’Oréal Paris, Maybelline, 3CE and NYX with the latter also entering body care and fragrance. The planned Innovist investment would deepen the division’s position in India.
Luxe’s largest growth contribution came from North Asia, with China up double digits. Fragrances also grew double digits, led by Prada Paradigme and YSL and Valentino lines. Skincare improved through Helena Rubinstein Replasty and Medik8. Creed, Bottega Veneta and Balenciaga entered the accounts from April while the Gucci licence is scheduled for July 2027, subject to regulatory approval.
Dermatological Beauty accelerated for a third consecutive quarter. La Roche-Posay, CeraVe and SkinCeuticals each grew double digits, with CeraVe Sun supporting suncare and Vichy’s Dercos range driving haircare. SkinCeuticals was strong in China, while La Roche-Posay benefited from Cicaplast and the newer Hyalu B5 and UV Air Fluid products.
Geographically in H1 26, SAPMENA-SSA led at 13.8%, while North America grew 6.7% and Europe 6.1%. North Asia advanced 4.6% as China and e-commerce improved; online sales grew in double digits group-wide, nearly twice as fast as the market according to L’Oréal. Latin America grew 5.2%, with Brazil and the Andean region leading a softer but stabilising market.
