L’Oréal reported second-quarter revenue of €10.74 billion, a 2.4% like-for-like increase that fell short of analyst expectations of roughly 2.9%. The cosmetics group’s first-half operating profit rose to €4.74 billion, giving a margin of 21.1%, up 30 basis points from a year earlier, while net profit edged 1% higher to €3.78 billion. Regional dynamics were mixed. Comparable sales in North America advanced 8.3%, helped by the Consumer Products division, which grew 3.3%. In contrast, North Asia revenue declined 8.8% on a comparable basis, contributing to the overall sales miss. Management highlighted continued strength in the U.S. market but weakness in China and parts of Europe. Chief Executive Officer Nicolas Hieronimus said the recently implemented EU-US trade accord would be "costly" for European cosmetics makers. L’Oréal is seeking an exemption and is evaluating measures such as price increases or shifting production outside the European Union to mitigate the impact of new tariffs.