L'Oreal Unsp/Adr

Welcome to the conference call regarding L'Oréal sales at 30th September 2025. The conference is about to begin. And I'll hand over to Eva Quiroga. Miss Quiroga, please go ahead.

Yes, thank you very much. Good evening and thank you for joining us for L'Oréal's nine-month 2025 sales call. With me are, as always, Nicola Hieronymus. Hello. Christophe Babule. Hello, good evening. and Laurent Schmitt. Hello, good evening. Nicolas will briefly comment on the numbers and the acquisition of caring beauty we announced yesterday. We will then open up for Q&A and aim to finish at 7.30. Over to you, Nicolas.

So good afternoon, everyone. This is, I'd like to tell you about this nine months. First of all, about the market. At slightly over plus 3% in the first nine months, the global market remains dynamic. And in that context, our like-for-like growth sequentially accelerated, reaching plus 4.9% in the third quarter. That is, of course, adjusted for our IT transformation in the U.S. last year. As promised, the contribution from our beauty stimulus plan accelerated. We rolled out our first half innovations and launched new products, including our two latest fragrances, Prada's Paradigm and Miu Miu's Mutine. Both are off to a good start. If I had to name some of my key highlights for the first nine months, I would say the following. First, the gradual recovery in our two largest markets, mainland China, where we clearly outpaced the markets, and the US, where CPD gained market share in each of its categories for the first time since 2021, proof that innovation really is a game changer in beauty. Second, the ongoing strength in hair care and fragrances, now 30% of ourselves, but also the bounce back in makeup, where we grew almost three times above the market. And third, the continued dynamism in e-commerce that plays to our strength, enabling us to outperform us in the fastest growing channel. On Sunday night, we announced the acquisition of Caring Beauty, including the Crete Niche Fragrance brand, as well as the beauty and fragrances licenses of Balenciaga, Bottega Veneta, and, when available, Gucci. I'm extremely excited about this transaction. Not only does it cement our existing leadership in luxury beauty, I also see enormous potential for each one of these four brands. And we have proved our ability to turn licenses into billionaires. Today, YSL is as big in beauty as it is in fashion. Prada crossed the 500 million euro mark just four years after joining the Lorelle Lux family. The future truly smells good, and I look forward to writing this new chapter. And I'm truly delighted to do it with Kering, a trusted partner for more than a decade and a half. And with that, we are all ready to take your questions.