Summary of Q125 sales While LFL sales growth of +3.5% was materially ahead of Bloomberg consensus (+1.3%) this included an unexpected net +EUR100m benefit from IT transformations when a EUR(130)m impact was expected. Adjusting both reported LFL and Bloomberg consensus LFL for IT transformation impacts, we estimate that LFL sales growth would have been +2.6% and Bloomberg consensus would have been +2.5%. In other words, on an underlying basis, growth was broadly in-line (albeit buyside consensus was likely lower post recent peer reporting). News We highlight that L''Oreal estimates that the beauty market grew at close to +2% in Q1. Earnings We revise our FY25e/FY26e/FY27e EPS by (1)%. Investment thesis We see downside to the valuation as the market gradually shifts to our view that L''Oreal likely has a c.5% mid-term organic sales growth profile. Rating / target price We maintain our Underperform rating and EUR300 target price. 15 questions for management The market grew at close to 2% in Q1 and you expect around 4% for the full year, can you please explain what will drive this strong acceleration?