1) Strategy & Leadership - L'Oréal's CEO, Nicolas Hieronimus, emphasized the company's strong performance in the first half of 2026, highlighting a consistent acceleration in growth driven by innovation and consumer engagement. - The company is focused on maintaining its competitive edge through a robust Beauty Stimulus Plan, which has led to increased contributions from new product launches. - The management structure has been streamlined into clusters to enhance agility and efficiency, particularly in Europe, allowing for better resource allocation and faster decision-making.

2) Financial & Segment Results - L'Oréal reported a 6.5% adjusted like-for-like growth in the first half, with sales increasing by 5.8% despite a 2.8% negative impact from foreign exchange. - The gross margin stood at 74.8%, and the operating margin reached a record 21.3%. Operating net cash flow was over EUR 3 billion, up 13.9% YoY. - Each division showed growth: Professional Products at 11.6%, Consumer Products at 4.3%, and Dermatological Beauty at 10.6%. E-commerce grew by 18%, reaching EUR 7.4 billion.

3) Problems / Headwinds - The company faced challenges from foreign exchange fluctuations, with a projected full-year sales impact of -0.6% due to the euro's appreciation against key currencies. - The Latin American market showed signs of stabilization but was the only region with growth below last year's levels, growing at 5.2%. - Service level issues in the Americas impacted the makeup category, which grew only 2.5%.

4) Operational or Product Plans - L'Oréal is advancing its IT transformation, with 60% completion expected by year-end, which is anticipated to enhance operational efficiency. - The company plans to continue its focus on innovation, particularly in skin care and hair care, with significant launches planned for the second half, including the expansion of the Medicaid brand. - The acquisition of Innovest in India is expected to strengthen L'Oréal's position in the skin care market, with a focus on e-commerce growth.

5) Guidance & Outlook / Investor Angle - L'Oréal expects the global beauty market to grow between 4% and 5% for the full year, with confidence in outperforming this market. - The company is optimistic about the second half of 2026, driven by ongoing innovation, strong performance in North Asia, and the anticipated contributions from recent acquisitions. - Management indicated that the leverage ratio is expected to drop below 1x by year-end, maintaining a healthy financial position.

Bottom line: L'Oréal's strong first half performance, driven by innovation and strategic acquisitions, positions the company well for continued growth in a dynamic beauty market. The focus on operational efficiency and e-commerce expansion, alongside a robust product pipeline, supports a positive outlook for shareholders.