L’Oréal Grew Volume and Value at the Same Time.
Almost Nobody Else in Beauty Did.
H1 2026: revenue up 6.5% adjusted like-for-like to €23.78bn. Operating margin hit a record 21.3%. Unilever, LVMH and P&G all had to pick one or the other.
L’Oréal’s operating margin hit 21.3% in the first half of 2026. That is a record for the group.
Margin records are not unusual on their own. Companies hit them by cutting co…
