EarningsQ2 2026 Earnings Report
DE:LORA Q2 2026 EPS Results
Actual EPS€1.52
Consensus EPS€1.53
Beat/MissMissed by -€0.02
One Year Ago EPS€1.45
DE:LORA Q2 2026 Revenue Results
Actual Revenue€24.69B
Expected Revenue€11.69B
Beat/MissBeat by +€13.01B
YoY Revenue Growth+13.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeDuring Market Hours
Conference CallWednesday, July 29, 2026
DE:LORA Upcoming Earnings
L'Oreal's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:LORA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple strong operational achievements: robust adjusted like‑for‑like growth (6.5%), record operating margin (21.3%), high e‑commerce growth (18% to EUR 7.4bn), strong division and regional performance (Professional +11.6%, Derm +10.6%, SAPMENA +13.8%), and solid cash generation (operating net cash flow +13.9%). Key challenges were manageable but notable: FX headwinds (-2.8%), sizeable nonrecurring charges (-EUR 430m), heavier A&P investment (+70bps), increased net debt and cash outflows for acquisitions/dividends (free cash flow impact), and accounting/amortization dilution from the Galderma stake (USD ~450m p.a. PPA impact). Overall, the positives (broad growth, record margins, innovation and e‑commerce momentum, clear plan to keep investing) outweigh the negatives, which are largely strategic investments, timing effects and accounting impacts rather than indications of a structural earnings deterioration.Company Guidance
Strong Like-for-Like Growth
Adjusted like-for-like growth of 6.5% (6.8% reported LFL), sales increased 5.8% overall and excluding FX impact growth stood at 8.6% — continuation of sequential acceleration vs prior semesters.
Record Profitability Metrics
Record first-half operating margin of 21.3% (up 20 basis points year-on-year). Operating profit rose 6.8% to ~EUR 5.0 billion; gross margin 74.8% (up 10 basis points).
Robust Cash Generation
Operating net cash flow was ~EUR 3.1 billion, up 13.9%; gross cash flow ~EUR 4.8 billion, up 9.7%.
High Division and Category Performance
Professional products +11.6%; Dermatological Beauty +10.6% (third consecutive quarter of double-digit growth); Consumer Products +4.3%; Hair care category grew ~15.6%, Fragrances +10.3%.
Regional Outperformance
Europe +6.1% LFL, North America +6.7% LFL, North Asia +4.6% (6.1% ex-Travel Retail), Emerging markets ~10%, SAPMENA-SSA +13.8%; China luxury and dermacosmetics recovery driving North Asia acceleration.
E‑commerce Leadership
E-commerce grew 18% to ~EUR 7.4 billion, outpacing market and increasing online weight by >200 basis points for the group; e‑commerce weight rose >400 basis points in emerging markets.
Innovation and New Product Contribution
Beauty Stimulus plan: contribution from new products accelerated semester-on-semester (100 bps → 200 bps in 2025 → ~250 bps in H1 2026). R&I spend near EUR 700m (2.8% of sales) and AI applied to R&I and content production.
Portfolio & M&A Momentum
Acquisitions adding growth (Dr. Jay/Medicaid/Creed/Innovest planned); Gucci licensing moved forward by one year; Creed consolidated for the full second half and reportedly growing double-digit.
DE:LORA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed