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L'ORÉAL

Clichy, France – March 31, 2026 – L’Oréal and Kering today announced the completion of L’Oréal’s acquisition of Kering Beauté, including the House of Creed, one of the world’s foremost luxury fragrance houses, as well as the signing of fifty-year exclusive licences for the creation, development and distribution of fragrance and beauty products under the Bottega Veneta and Balenciaga brands, in accordance with the terms announced on 19th October 2025.

Regarding the Gucci brand, as previously announced, the rights to enter into a fifty-year exclusive license agreement will begin upon the expiration of the existing license with Coty, in full compliance with the Kering Group’s obligation under their current license arrangement.

L’Oréal and Kering are also continuing to explore development opportunities in the fields of wellness and longevity through a joint venture.

« On behalf of the Group, I am delighted to welcome these extraordinary brands into the L’Oréal family,” said Nicolas Hieronimus, Chief Executive Officer of L’Oréal. “This significant new milestone in our strategic partnership with Kering reinforces our position as the world’s number one in both beauty and luxury beauty. We will now work together, over the next fifty years, to write the next chapter of these iconic brands, to unlock their immense growth potential. »

« This acquisition marks a defining milestone for L’Oréal Luxe. By bringing these iconic houses into our portfolio, we are uniting around the very essence of luxury: bold creativity, exceptional craftsmanship, and a forward-looking vision of beauty” said Cyril Chapuy, President of L’Oréal Luxe. “I’m especially proud to welcome the teams behind these maisons, who contribute to their unique identity. Together, we are strengthening L’Oréal Luxe’s leadership and reinforcing our ambition to be the ultimate destination for the world’s most aspirational luxury beauty experiences.”

“Our strategic alliance with L’Oréal marks a decisive step forward for Kering”, said Luca de Meo, CEO of Kering. “By leveraging L’Oréal’s unmatched expertise in the beauty sector, we are opening a new phase of acceleration for the development of fragrances and cosmetics for our Houses, among the most iconic in the world. This long-term partnership will enable us to fully realize their potential in this category and support their development, drawing on the creativity, desirability, and excellence that set them apart.”

About L’Oréal

For over 115 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 40 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.

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With more than 95,000 committed employees, a balanced geographical footprint and sales across all distribution networks (ecommerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2025 the Group generated sales amounting to 44.05 billion euros. With 22 research centers across 7 regional hubs around the world and a dedicated Research and Innovation team of over 4,000 scientists and more than 8,000 Digital, Tech and Data talents, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.

In 2025, L’Oréal has been named the most innovative company in Europe by Fortune magazine, out of 300 companies, in a ranking spanning 21 countries and 16 industries in Europe.

More information on https://www.loreal.com/en/mediaroom

“This press release does not constitute an offer of sale or solicitation of an offer to purchase L'Oréal shares. If you wish to obtain more comprehensive information about L'Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our website www.loreal-finance.com.

This press release may contain forecast information. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements.”

CONTACTS L’ORÉAL Switchboard +33 (0)1 47 56 70 00

Individual shareholders Pascale GUERIN +33 (0)1 49 64 18 89 Pascale.guerin@loreal.com

Financial analysts and institutional investors Eva QUIROGA +33 (0)7 88 14 22 65 Eva.quiroga@loreal.com

Media Brune DIRICQ +33 (0)6 63 85 29 87 Brune.diricq@loreal.com

Christine BURKE +33 (0)6 75 54 38 15 Christine.burke@loreal.com

For further information, please contact your bank, stockbroker of financial institution (I.S.I.N. code: FR000012031) and consult your usual newspapers or magazines or the Internet site for shareholders and investors, www.loreal-finance.com, the L’Oréal Finance app or call the toll-free number from France: 0 800 66 66 66.

Follow us on LinkedIn @L’Oréal

Follow us on Instagram @lorealgroupe

www.loreal.com

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PR - L’Oréal completes the acquisition of Kering Beauté - 20260331

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.

If you are wondering whether L'Oréal shares are attractively priced at around €344.90, the starting point is to understand how their current market value lines up with their fundamentals. The stock has been under pressure recently, with a 2.0% decline over the last week, a 14.0% decline over the past month, and a 5.4% decline year to date, while the 1 year return stands at 0.6% and the 5 year return at 13.6%. These moves have put valuation back in focus for many investors, especially against the backdrop of ongoing sector and macro headlines that continue to influence sentiment toward large consumer names. Even without a single defining news event, shifts in expectations for consumer demand, pricing power, and interest rates can all feed into how the market currently prices L'Oréal. L'Oréal currently has a valuation score of 2 out of 6, based on how it screens across multiple checks for being undervalued. The sections ahead will walk through those valuation approaches in more detail and will also point to a more holistic way to think about value at the end of the article.

L'Oréal scores just 2/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

Approach 1: L'Oréal Discounted Cash Flow (DCF) Analysis

A Discounted Cash Flow, or DCF, model takes the cash L'Oréal is expected to generate in the future and discounts those cash flows back to today to estimate what the business might be worth now.

For L'Oréal, the model used is a 2 Stage Free Cash Flow to Equity approach, based on cash flow projections in €. The latest twelve month free cash flow is about €7.1b. Analyst projections and subsequent extrapolations by Simply Wall St imply free cash flow in 2030 of around €9.4b, with a path of annual forecasts between 2026 and 2035 that are converted into present values using a discount rate.

Adding those discounted cash flows results in an estimated intrinsic value of about €384.01 per share. Compared with the recent share price of roughly €344.90, the DCF output implies the shares trade at a 10.2% discount, which indicates that the stock appears slightly undervalued on this model.

Result: UNDERVALUED

Our Discounted Cash Flow (DCF) analysis suggests L'Oréal is undervalued by 10.2%. Track this in your watchlist or portfolio, or discover 241 more high quality undervalued stocks.OR Discounted Cash Flow as at Mar 2026

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for L'Oréal.

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Approach 2: L'Oréal Price vs Earnings

For profitable companies, the P/E ratio is a useful yardstick because it tells you how much you are paying for each euro of current earnings. The higher the market’s expectations for growth, and the lower the perceived risk and earnings volatility, the higher that “normal” or “fair” P/E multiple tends to be.

L'Oréal currently trades on a P/E of about 30.0x. That sits above the Personal Products industry average of around 20.4x and also above the peer group average of roughly 27.6x. On these simple comparisons, the shares are priced at a premium to sector and peer benchmarks.

Simply Wall St’s Fair Ratio metric, at 34.7x for L'Oréal, goes a step further. It estimates what the P/E might be expected to be given factors such as earnings growth profile, industry, profit margin, market cap and company specific risks. This tends to be more tailored than a straight comparison with peers or industry averages, which treat very different businesses as if they all deserved the same multiple.

Comparing the Fair Ratio of 34.7x with the current P/E of 30.0x suggests the shares are trading below that modelled benchmark.

Result: UNDERVALUEDENXTPA:OR P/E Ratio as at Mar 2026

P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 95 top founder-led companies.

Upgrade Your Decision Making: Choose your L'Oréal Narrative

Earlier it was mentioned that there is an even better way to think about valuation, and on Simply Wall St this takes the form of Narratives. You pick or create a story for L'Oréal, link it to a set of financial assumptions on revenue, earnings and margins, and the platform then turns that into a fair value that you can compare with the current share price. You can track this alongside other investors on the Community page and see it update as fresh news or earnings arrive. For example, one investor who agrees with the higher analyst price targets around €430.0 can sit next to another who aligns more with the lower end near €325.0. Each has a clearly explained path from their viewpoint on the business to a forecast and a valuation that can help inform when they might consider buying or selling.

Do you think there's more to the story for L'Oréal? Head over to our Community to see what others are saying!ENXTPA:OR 1-Year Stock Price Chart

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include OR.PA.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.

Recent share performance and business scale

L'Oréal (ENXTPA:OR) has seen mixed share performance recently, with a 0.7% gain over the past day, a 1.2% decline over the past week, and a 13.3% decline over the month.

Over the past 3 months, the stock shows a 4.1% decline, while the year-to-date move is a 4.7% decline. This is set against a 1.4% total return over the past year and 14.5% over 5 years.

The group reports annual revenue of €44.1b and net income of €6.1b, with annual revenue growth of 5.2% and net income growth of 9.5%, reflecting the scale of its global cosmetics franchise.

See our latest analysis for L'Oréal.

At a share price of €347.7, L'Oréal's recent 13.3% 1 month share price decline contrasts with its 1.4% 1 year total shareholder return. This suggests momentum has cooled after a longer period of modest gains.

If you are reassessing your portfolio after recent moves in large consumer names, it could be a useful moment to look at a different theme using the 96 top founder-led companies

With L'Oréal trading around €347.7 and showing both recent share price weakness and multi year gains, is the current valuation still rich for a global beauty leader, or are markets already pricing in the next leg of growth?

Most Popular Narrative: 14% Undervalued

With L'Oréal last closing at €347.7 against a narrative fair value of about €402.2, the most followed view frames the shares as pricing in a meaningful discount while still leaning on disciplined growth and margin expectations.

Major capital allocation to acquisitions such as Medik8 and Color Wow, alongside digital and AI driven initiatives like AI personalization and beauty tech partnerships, is expected to increase category leadership, fuel product differentiation, and raise future revenue and net margins. Operational efficiencies from global IT transformation and BETiq optimization are driving sustained SG&A and A&P cost discipline, allowing for reinvestment in high impact innovation and launches, ultimately supporting both operating margin and future earnings growth.

Read the complete narrative.

Curious what earnings path and margin profile underpin that higher fair value? The narrative leans on steady top line expansion, richer profitability, and a premium P/E that still steps down from today. The full set of assumptions joins those threads into one valuation story.

Result: Fair Value of €402.19 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

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However, this depends on significant swings that could change the narrative, including pressure from digital-native competitors and any impact from new tariffs or FX moves.

Find out about the key risks to this L'Oréal narrative.

Next Steps

Given this mix of optimism and caution around L'Oréal, it makes sense to check the numbers yourself and decide where you stand. To see what is currently exciting investors and how that lines up with your expectations, review the 3 key rewards

Looking for more investment ideas?

If you are serious about building a stronger portfolio, do not stop at a single company story. Use the screener to line up your next candidates with intention.

Spot potential value by scanning for companies that combine quality fundamentals with appealing prices using the 236 high quality undervalued stocks Prioritise resilience by focusing on businesses that pair robust balance sheets with sound fundamentals through the solid balance sheet and fundamentals stocks screener (381 results) Hunt for fresh opportunities before the crowd by filtering for strong fundamentals in the screener containing 590 high quality undiscovered gems

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include OR.PA.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Zusammenfassung:

Der Dow Jones Index stieg am Donnerstag aufgrund überraschend positiver Daten zur Bruttoinlandsprodukt (BIP). Die Technologieaktien, insbesondere Nvidia und Tesla, erlebten am Morgen eine Rallye.

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• Expand on any aspect of the summary?
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Zusammenfassung

Rio Tinto Group (RIO) kündigt eine erhebliche Produktionsreduzierung in seiner Yarwun Alumina Raffinerie in Gladstone, Australien, an, die ab Oktober 2026 beginnen wird. Diese 40%ige Reduzierung der Alumina-Produktion ist darauf ausgelegt, die Lebensdauer der Raffinerie bis 2035 zu verlängern. Der Hauptgrund ist die voraussichtliche Kapazitätsauslastung der bestehenden Auswaschstreifenanlage, die voraussichtlich bis 2031 voll ausgelastet sein wird.

Rio Tinto nutzt diese Zeitspanne, um weitere Optionen zur Verlängerung des Lebens der Yarwun-Raffinerie zu erkunden, einschließlich potenzieller Investitionen in eine zweite Auswaschstreifenanlage, die derzeit als zu teuer angesehen wird. Wichtig ist, dass die Reduzierung die Kundennachfrage nicht beeinträchtigt, da die Raffinerie derzeit etwa 3 Millionen Tonnen Alumina produziert.

Die Produktionsreduzierung wird zu einer Verringerung der Alumina-Ausgabe um 1,2 Millionen Tonnen führen. Nebenbei wird 180 Stellen betroffen sein, aber das Unternehmen verfolgt aktiv Umverteilungsoptionen über seine anderen Standorte in Gladstone.

Über Yarwun hinaus passt Rio Tinto seine breiteren Produktionsprognosen für 2025 an. Die Schiffsfracht von Eisenerz aus dem Pilbara wird voraussichtlich am unteren Ende des Bereichs von 323 bis 338 Millionen Tonnen liegen, aufgrund der Auswirkungen von Stürmen. Umgekehrt erhöht das Unternehmen seine Prognose für die Bauxitproduktion auf 59 bis 61 Millionen Tonnen, gestützt auf höhere Auslastungsraten, insbesondere in Weipa. Die Aluminiumproduktion wird zwischen 7,4 und 7,8 Millionen Tonnen und die Kupferausbeute auf der oberen Seite des Bereichs von 780 bis 850 Kilotonnen erwartet. Die Produktion von Titandioxid-Schlacke wird voraussichtlich bei 1 bis 1,2 Millionen Tonnen liegen.

Rio Tinos Aktien haben sich im vergangenen Jahr gegenüber dem gesamten Rohstoffsektor stärker entwickelt, mit einem Anstieg von 18,5 % im Vergleich zu 14,2 %. Zacks Investment Research hebt andere Top-bewertete Aktien im Sektor hervor, darunter OR Royalties Inc. (mit starken Kaufempfehlungen und bedeutenden Gewinnen in der Vergangenheit), Newmont Corporation und First Majestic Silver Corp.