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Presentation at Kepler Cheuvreux, Autumn Autumn Conference Kepler Cheuvreux September 15th, 2016 Mr. Christian Mulliez Chief Financial Officer L’Oréal: pure player and leader in beauty 2015 Key Figures €25.26 billion sales in 2015 12.5% market share* 140 countries 82 881 employees 17.4% operating margin €6.18 EPS**, +15.7% rd 3 worldwide advertiser*** * BMS: L’Oréal estimates; ** Diluted earning per share based on net profit of continuing operations excluding non-recurring items, after non-controlling interests *** Adage ranking– 2014 Kepler Cheuvreux - 15 September 2016 2 Agenda Solid performance in a volatile context Accelerating our transformation Confidence in future prospects Kepler Cheuvreux - 15 September 2016 3 Agenda Solid performance in a volatile context Accelerating our transformation Confidence in future prospects Kepler Cheuvreux - 15 September 2016 4 Solid performance in a volatile context Consolidated group sales at the end of June 2016 (in million euros) €12.89Bn €12.82Bn Growth at constant exchange rates +4.5% Of which: − like-for-like growth +4.2% − external growth impact +0.3% Exchange rate impact -3.9% Reported growth +0.6% 2015 2016 Kepler Cheuvreux - 15 September 2016 5 H1-2016 key financial figures Growth (%) At constant 1st Half 2015 1st Half 2016 Reported exchange (in €m) (in €m) rates* Sales 12 818.9 12 894.6 +0.6% +4.5% Operating Profit 2 323.0 2 363.6 +1.7% +5.1% Net profit** 1 957.3 2 025.4 +3.5% +6.6% EPS** (diluted, €) 3.47 3.59 +3.4% +6.6% Net operating cash flow 1 042.1 1 325.4 +27.2% * 2016 figures at 2016 rates / 2015 figures at 2016 rates ** Excluding non-recurring items, after non-controlling interests Kepler Cheuvreux - 15 September 2016 6 Solid financial results in H1-2016 Operating margin OperatingEarnings profit per byshare division* * (as a % of sales) (in euros) 18.3% 18.1% 3.59 3.47 H1-2015 H1-2016 H1-2015 H1-2016 * Diluted earnings per share based on net profit excluding non-recurring items, after non-controlling interests Kepler Cheuvreux - 15 September 2016 7 H1-2016 operating margin by division* (as a % of sales) 27.7% +20 bp 21.2% 21.3% 19.6% -10 bp +80 bp +50 bp Professional Consumer L’Oréal Active Products Products Luxe Cosmetics * Before central group expenses, fundamental research expenses, stock-option & free grant of shares expenses and miscellaneous items – as a % of total divisions sales. Kepler Cheuvreux - 15 September 2016 8 L’Oréal continued to gain share in a market that remains dynamic Beauty market L’Oréal o/w e-commerce + 4.2%** + % + %* ≃ 3.5 / 4 +4.4% +33%** Market: +19%* *Excluding razors, soaps and toothpastes. H1-2016 provisional estimates. At constant exchange rates Source: L’Oréal estimates ** H1-2016 Like-for-like growth . For e-commerce: sales achieved on our brands' own websites + estimated sales achieved by our brands corresponding to sales through our retailers’ websites (non audited data) Kepler Cheuvreux - 15 September 2016 9 In a volatile context, performances are solid across regions H1-2016 total divisions sales growth by region** Total divisions +4.4% Eastern Europe Worldwide +8.9% Market*: ≃ +3.5%/4% Western Europe North America +1.7% +4.6% Asia Pacific Market*: + 0.5 % +4.6% Market*: ≃ +4% Total New Markets +6.8% Market*: ≃ +5% Latin America +10.8% Africa Middle East +9.7% * Excluding razors, soaps and toothpastes. H1-2016 provisional estimates. At constant exchange rates. Source: L’Oréal estimates ** Like-for-like. Total New Markets include: Latin America, Eastern Europe , Asia Pacific and Africa Middle East Kepler Cheuvreux - 15 September 2016 10 Further outperforming the market Professional Consumer Products Products Energising the Acceleration market confirmed +2.2%** Market*: +2%/+2.5% +4.3%** Market*: +4% L’Oréal Active Luxe Cosmetics Sustained Driving its growth market +5.6%** Market*: +5% +5%** Market*: +4% *Excluding razors, soaps and toothpastes. H1-2016 provisional estimates. At constant exchange rates Source: L’Oréal estimates Kepler Cheuvreux - 15 September 2016 ** H1-2016 Like-for-like growth . 11 H1-2016 first highlight: make-up is booming… +12% H1-2016 Sales* * Like-for-like growth Kepler Cheuvreux - 15 September 2016 12 …everywhere USA Russia China Mature Moderately developed High potential make-up market make-up market make-up market - - - - - - - - - - - - - - - >20% of beauty 15% of beauty 10% of beauty +8% growth* +9% growth* +8% growth* *H1 2016 market growth at constant exchange rates Kepler Cheuvreux - 15 September 2016 13 It Cosmetics Further empowering the L’Oréal Luxe make-up portfolio “ High performance skin-loving, problem solution” Developed with leading plastic surgeons Kepler Cheuvreux - 15 September 2016 14 Second highlight: North America is accelerating as expected CPD - - - - +4.9%* +4.6%* +4.3%* outperforming its market L’Oréal Luxe Q1 2016 Q2 2016 H1 2016 - - - - posting good performance * Like-for-like growth Kepler Cheuvreux - 15 September 2016 15 Third highlight: Universalisation of Ultra Doux Kepler Cheuvreux - 15 September 2016 16 Fourth highlight: New Markets maintain the good pace of growth* Africa, Middle East Asia Pacific +9.7% +4.6% - - - - - - spearheading L’Oréal Paris China research for the African #1 beauty brand both continent online and offline Latin America Eastern Europe +10.8% +8.9% - - - - - - double digit well ahead growth of the market * H1-2016 like-for-like Kepler Cheuvreux - 15 September 2016 17 Agenda Solid performance in a volatile context Accelerating our transformation Confidence in future prospects Kepler Cheuvreux - 15 September 2016 18 Digital at the heart of all touch points E-commerce 30% of media 6%** invested in digital* of total Group Sales Social Listening ---- > 1 400 digital Precision advertising specialists ---- Enhancing brand desirability *As of H1-2016 **Sales achieved on our brands' own websites + estimated sales achieved by our brands corresponding to sales through our retailers’ websites (non audited data); H1-2016 like-for like growth Kepler Cheuvreux - 15 September 2016 19 Connecting with digital pioneers* *F: on 12th May 2016, L’Oréal announced a strategic investment in Founders Factory, a leading global multi sector digital accelerator and incubator, based in London. Kepler Cheuvreux - 15 September 2016 20 Sharing Beauty With All sustainable development as a strategic pillar Kepler Cheuvreux - 15 September 2016 21 Kepler Cheuvreux - 15 September 2016 22 Agenda Solid performance in a volatile context Actively pushing our transformation Confidence in future prospects Kepler Cheuvreux - 15 September 2016 23 The beauty market continues to develop Beauty market growth* 2016 est. ≃ +3.5/+4 % 5.0% 3.0% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E *L’Oréal BMS estimates - excluding soap, toothpaste and razors. Net manufacturing price (sell-in) - provisional estimate. Growth at constant exchange rate Kepler Cheuvreux - 15 September 2016 24 Leader in beauty with high potential L’Oréal’s market share by region in 2015* No1 No1 o Eastern Europe N 1 Western Europe 12.5% 19.6% North America o 13.7% N 8 Japan o o N 2 N 1 2.2% Africa Asia Pacific o Middle-East N 4 11.8% 9.3% (in countries excl. Japan Latin America where L’Oréal 8.8% is present) L’ORÉAL “World”: 12.5% “New markets”: 8.5% *Excluding soaps, razors, blades and toothpastes - L’Oréal Estimates BMS. Ranking based on Euromonitor 2015 figures. Kepler Cheuvreux - 15 September 2016 25 A unique, diverse portfolio of brands to connect with a multi-faceted consumer base Professional Products Consumer Products L’Oréal Luxe Active Cosmetics 13.5%* 46.9%* 28.6%* 7.2%* The Body Shop 3.8%* * as a % of 2015 consolidated sales Kepler Cheuvreux - 15 September 2016 26 Consolidated ( Consolidated sales 10 000 10 000 12 000 14 000 16 000 18 000 20 000 22 000 24 000 26 2 000 2 4 000 6 000 8 000 * Les 0 Thermes 1967 1968 1969 Saint € 1970 m) - Gervais Mont Blanc agreement Mont agreement Blanc Gervais to acquire 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 organic future our foster to Acquisitions 1984 1985 1986 1987 1988 1989 27 27 1990 1991 1992 1993 1994 1995 1996 1997 Kepler Cheuvreux Cheuvreux Kepler 1998 IFRS norms 2004norms from IFRS 1999 2000 2001 2002 - 2003 15 15 2016 September 2004 2005 2006 2007 0 2008 2009 2010 growth 2011 2012 2013 2014 2015 2016 * * Confidence for 2016 Recent, complementary acquisitions* * Les Thermes Saint-Gervais Mont Blanc:agreement to acquire Kepler Cheuvreux - 15 September 2016 28 Big data amplifying our scientific knowledge, and pushing the boundaries of product performance Kepler Cheuvreux - 15 September 2016 29 A robust innovation plan Kepler Cheuvreux - 15 September 2016 30 A strong and balanced business model 2015 operating margin by region* 2015 operating margin by division* (as a % of sales) (as a % of sales) 22.7% 22.8% 18.9% 19.7% 20.0% 20.1% 20.7% 20.5%** Western North New Professional Consumer L’Oréal Active Europe America Markets Products Products Luxe Cosmetics *Before central group expenses, fundamental research expenses, stock-option & free grant of shares expenses and miscellaneous items – as a % of total cosmetics divisions sales. **Total cosmetics divisions. Kepler Cheuvreux - 15 September 2016 31 A balanced geographical presence Breakdown of 2015 total divisions sales by region* Western Western North Europe Europe America North 33.1% 33.1% 27.4% America 27.4% Latin Africa, America Middle- 7.7% East Eastern Japan 3.0% Europe Asia- 1.7% New 6.3% Pacific markets excl. Japan 39.5% 20.8% Kepler Cheuvreux - 15 September 2016 32 A long term successful business model Net profit since 1985* (in million euros) 3 490 x31 In 30 years 113 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 *Net operating profit, excl.
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