Core Insights - Kering Beauté will be reclassified as discontinued operations in the consolidated financial statements as of December 31, 2025, following the agreement with L'Oréal for its sale, expected to close in the first half of 2026 [2]. Financial Information - For H1 2025, reported revenue was €7,587 million, which will be restated to €7,439 million after excluding Kering Beauté's contribution of €148 million. In 2024, reported revenue was €17,194 million, restated to €16,874 million after excluding Kering Beauté's contribution of €320 million [2]. - The recurring operating income for H1 2025 was reported at €969 million, restated to €920 million after excluding Kering Beauté's contribution of €49 million. For 2024, reported recurring operating income was €2,554 million, restated to €2,440 million after excluding Kering Beauté's contribution of €114 million [2]. - Quarterly revenue for Q3 2025 was reported at €3,415 million, with a comparable change of -5%. After restating for Kering Beauté, the revenue was adjusted to €3,331 million, reflecting a comparable change of -6% [3]. Future Reporting - Kering Beauté's contributions will be presented separately within net income from discontinued operations, and comparative periods will be restated for consistency across reporting periods. The Group's financial indicators will be presented excluding Kering Beauté under continuing operations [8].