NYSE: EL

We have been controlled by the Lauder family since the founding of our Company. Members of the Lauder family, some of whom are directors, executive officers and/or employees, beneficially own, directly or indirectly, as of August 12, 2026, shares of our Company's Class A Common Stock and Class B Common Stock having approximately 82% of the outstanding voting power of the Common Stock.

Products

Skin Care - Our broad range of skin care products address various skin care needs. These products include moisturizers, serums, cleansers, toners, eye care, body care, exfoliators, acne and oil correctors, facial masks and sun care products.

Makeup - We offer an extensive array of makeup products across shades and colors. Our full array of makeup products includes foundations, powders, concealers and setting sprays, lipsticks, lip liners and lip glosses, and mascaras, eyeshadows and eyeliners. We also sell related items such as compacts, brushes and other makeup tools.

Fragrance - We offer a variety of fragrance products. The fragrances are sold in various forms, including parfum, eau de parfum, eau de toilette, eau de cologne, and body spray, as well as lotions, creams, powders, candles and soaps that are based on a particular fragrance.

Hair Care - Our hair care products include shampoos, conditioners, styling products, treatment, finishing sprays and hair color products.

Other - The other category includes royalty revenue from our licensing of the TOM FORD trademark to third parties as well as sales from ancillary products and services that do not fit within the definitions of skin care, makeup, fragrance, and hair care.

Our Brands

Given the personal nature of our products and the wide array of consumer preferences and tastes, as well as competition for the attention of consumers, our strategy has been to market and promote our products through distinctive brands seeking to address broad preferences and tastes. Each brand has a single global image that is promoted with consistent logos, packaging and advertising designed to enhance its image and differentiate it from other brands in the market. Beauty brands are differentiated by numerous factors, including quality, performance, a particular lifestyle, where they are distributed (e.g., prestige or mass) and price point. Below is a chart showing brands we sell and how we view them based on lifestyle and price point:

Estée Lauder brand products, which have been sold since 1946, have a reputation for innovation, sophistication and superior quality. Estée Lauder is one of the world’s most renowned beauty brands, producing high-performance skin care and makeup and iconic fragrances.

We pioneered the marketing of prestige men’s fragrance and grooming products with the introduction of Aramis products in 1964.

Introduced in 1968, Clinique skin care and makeup products are all allergy tested and 100% fragrance free and have been designed to address individual skin types and needs. Clinique also offers select fragrances. The skin care and makeup products are based on the research and related expertise of leading dermatologists.

Lab Series, introduced in 1987, is a series of high performance, specialized skin care solutions uniquely created to improve the look and feel of men’s skin.

Introduced in 1990, Origins is primarily known for clinically proven, naturally powerful skin care and body care for healthy looking skin and holistic well-being. Origins has a license agreement to develop and sell beauty products using the name of Dr. Andrew Weil.

M·A·C, the leading prestige makeup brand globally, was created in Toronto, Canada. After having acquired a majority interest in 1994, we completed our acquisition of M·A·C in 1998. The brand’s popularity has grown through a tradition of word-of-mouth endorsement from professional makeup artists, models, photographers and journalists around the world.

Acquired in 1995, Bobbi Brown Cosmetics is a global prestige beauty brand known for its high quality and undertone-correct makeup and skin care products that celebrate individual beauty and confidence. Reflecting its artistry roots, the brand is focused on creating a teaching and learning community of consumers around the world.

Acquired in 1995, La Mer is a leading global luxury skin care brand that is available in limited distribution worldwide. The brand is known for its iconic Crème de la Mer moisturizer, serums and lotions, as well as other skin care and foundation products that are created around the original “Miracle Broth.”

Acquired in 1997, Aveda sells high-performance, naturally-derived hair care products, as well as skin care. The brand is known for its innovative plant-based products and its commitment to environmental sustainability and corporate responsibility.

Acquired in 1999, Jo Malone London is synonymous with a distinctly British character that delights in the unexpected, with timeless, carefully-crafted scents designed for discovery. The fragrance house celebrates gift giving: whether it’s a token of appreciation or the grandest of gestures, a gift presented in the iconic cream and black box is instantly recognizable and rarely forgotten.

Acquired a majority interest in 2000 (and the remaining interest in 2006), Bumble and bumble is a New York-based hair care brand that creates high-quality hair care and styling products.

Acquired in 2003, Darphin is a Paris-based, prestige skin care brand known for its high-performance morphological skin science.

In 2005, we entered into a license agreement and developed, manufactured and distributed luxury beauty products under the TOM FORD brand name. In fiscal 2023, we acquired the TOM FORD brand and related intellectual property. The TOM FORD brand is a luxury brand encompassing fashion, beauty, eyewear and other accessories. As the current owner and steward of the brand, we are continuing with the development, manufacture and distribution of beauty products and have licensed the fashion and eyewear to third parties. Consistent with the fashion brand, our products exude seductive modern-day glamour and include luxury fragrance, color cosmetics, men’s grooming products and skin care products for discerning consumers globally.

Acquired in 2010, Smashbox Cosmetics is a Los Angeles-based, photo studio-inspired makeup brand with high performance products created for our consumers' everyday life in the spotlight.

Launched in 2012, AERIN is a global luxury lifestyle brand inspired by the signature style of its founder, Aerin Lauder.

Acquired in 2014, Le Labo was born in Grasse, the capital of perfumery in the South of France, and raised in New York City. The laboratory is Le Labo's namesake and practice: sanctuaries devoted to its craft of Slow Perfumery, where creations are hand-blended on site and to order. Its collection spans genderless perfumes and candles, alongside formulas for body, hair, and face, as well as a grooming line.

Acquired in 2015, Les Editions de Parfums Frédéric Malle is a collection of exclusive, sophisticated, ultraluxury fragrances crafted by some of the world’s most talented perfumers and published by the brand.

Acquired in 2015, GLAMGLOW started as a behind-the-scenes Hollywood secret to instant glow. The brand is known for bold, sensorial products that deliver instant results, and its unconventional philosophy that high performance skin care should also be fun and sexy.

Acquired in 2016, KILIAN PARIS is a prestige fragrance brand that embodies audacious luxury and timeless festive sophistication.

Acquired in 2016, Too Faced is a serious makeup brand that knows how to have fun. The brand is unabashedly pink, pretty and feminine with a playful wink that is beloved for its high-quality formulas, cheeky product names and distinctive packaging.

Acquired in 2019, Dr.Jart+ is a Seoul-based, global skin care brand known for its innovative formulations and unique combination of dermatological science and art.

After increasing our investment to 76% in 2021, we purchased the remaining interest in the Deciem Beauty Group Inc. ("DECIEM") in 2024. Known as “The Abnormal Beauty Company,” DECIEM is a Toronto-based, vertically integrated multi-brand beauty company rooted in a consumer-focused and functional approach. Its portfolio includes The Ordinary, an ingredient-focused brand, NIOD, a science-driven skin care brand, as well as Avestan, a brand focused on the exploration of unfamiliar fragrances and Loopha, a scented self-care brand with a scientific soul.

Balmain Beauty was established in 2022 under a license agreement with Balmain S.A., extending the storied legacy of the Parisian fashion house founded in 1945 by Pierre Balmain into a new era of luxury beauty. Balmain embodies contemporary elegance, culture, and sensuality, inspiring fragrances that celebrate bold self-expression. Balmain Beauty introduced its first fragrances in fiscal 2025.

Our “Luxury Brands” are prestige brands sold at luxury price points and include La Mer, Jo Malone London, TOM FORD, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, KILIAN PARIS and Balmain Beauty. This luxury portfolio also includes Estée Lauder's Re-Nutriv product franchise. Our “Large Brands”, defined as brands that have net sales of $1,000 million or more, are Estée Lauder, La Mer, M·A·C, Clinique, Jo Malone London and TOM FORD. Our “Scaling Brands”, defined as brands with net sales of $400 million or more, but less than $1,000 million, are The Ordinary, Le Labo, Bobbi Brown Cosmetics and Aveda. Our “Developing Brands”, defined as brands with net sales of less than $400 million, are Too Faced, KILIAN PARIS, Dr.Jart+, Origins, Bumble and bumble, Editions de Parfums Frédéric Malle, Smashbox, Darphin Paris, Lab Series, Balmain Beauty, Aramis, AERIN Beauty, NIOD, Avestan, Loopha and GLAMGLOW.

From time to time, we also make minority investments in companies, mainly in the beauty industry, including through our New Incubation Ventures, the strategic early-stage investment and incubation arm of our Company. For some of our historical minority investments, we have acquired the remaining interests (e.g., Have & Be Co. Ltd. (i.e. Dr.Jart+) and DECIEM). We have several minority investments as of June 30, 2026, including a company based in India that manufactures, markets and sells Ayurvedic skin care and other products under the Forest Essentials brand name, primarily in India, for which we have signed an agreement, subject to regulatory approvals, to acquire the remaining interest, as well as an investment in a luxury skin care brand, with proprietary formulas designed to support skin repair and resilience at the cellular level.

Social Impact and Sustainability

We continue to integrate social impact and sustainability into our strategy and business operations. Our social impact and sustainability initiatives help drive innovation, growth and operational efficiency across the business and within our brand portfolio, including through ingredient and packaging innovation and efforts to reduce cost and waste. Our initiatives also aim to enhance employee engagement and strengthen consumer trust and loyalty.

Our areas of focus include green chemistry and ingredient transparency; packaging; climate and energy; responsible sourcing; employee engagement, health and safety; philanthropic partnerships supporting women and girls; and social impact investments. We have established goals or commitments within these focus areas. For example, our climate and energy goals are intended to advance efficiency and conservation across our facilities, internal supply chain and broader value chain.

The Nominating and ESG Committee of our Board of Directors has oversight responsibility for our Company’s social impact and sustainability activities and practices, including citizenship and sustainability matters. Our social impact and sustainability efforts are led by our Chief Sustainability Officer and Chief Value Chain Officer, under the oversight of our President and Chief Executive Officer. Other members of senior management, together with employees across the organization, help to drive our strategic initiatives concerning social impact and sustainability.

Additional information related to our social impact and sustainability matters can be found at www.elcompanies.com.

Distribution

We operate as a wholesaler, with our products sold in brick-and-mortar locations and on various e-commerce platforms, including those operated by department stores, duty-free retailers, specialty-multi retailers, online pure players, upscale perfumeries and pharmacies, and top-tier salons and spas. Additionally, we operate a direct-to-consumer business across freestanding stores, our brands' websites and third-party online platforms. Our general practice is to accept returns of our products from customers if properly requested and approved.

Our online sites, including our brand.com sites as well as those operated by authorized retailers and through third-party online platforms are across our geographic regions, with a majority of these online sales generated in mainland China, the United States and the United Kingdom. As of June 30, 2026, we operated approximately 1,600 freestanding stores, which reflects the closure of freestanding stores in unproductive areas of our business and the opening of new freestanding stores during the fiscal year, as we continue to evolve our strategic focus on accelerating best-in-class consumer coverage. Most freestanding stores are operated by us under a single brand name, such as M·A·C, Jo Malone London and Le Labo. Approximately 300 of the freestanding stores are multi-branded company stores, primarily in outlet malls.

We maintain dedicated sales teams that manage our retail accounts. We have wholly-owned operations in over 50 countries through which we market, sell and distribute our products. In certain countries, we sell our products through carefully selected distributors who we believe share our commitment to protecting the image and position of our brands. For information regarding our net sales by geographic region, see Item 8. Financial Statements and Supplementary Data – Note 14 – Revenue Recognition.

We continue to develop our strategy, assess performance and allocate resources by product category and will continue to report results by product category. To enhance accountability and streamline operations within the organization, as well as to align with our leadership changes during the second half of fiscal 2025, we have reorganized our geographic regions as of the fiscal 2026 first quarter. Accordingly, results by geographic region for fiscal 2026 and comparative fiscal 2025 and 2024 are reported under the new regional structure. Our four geographic regions effective July 1, 2025 are:

•The Americas, which includes North America and Latin America;

•Europe, the United Kingdom and Ireland and Emerging Markets ("EUKEM"), which includes the geographic markets of our previously reported Europe, the Middle East & Africa ("EMEA") region, excludes our global travel retail business previously reported in our EMEA region, and includes our Southeast Asian Emerging Markets, previously reported in our Asia/Pacific region, of Indonesia, Malaysia, the Philippines, Thailand and Vietnam;

•Asia/Pacific, which includes certain geographic markets of our previously reported Asia/Pacific region, such as Japan, Korea, Hong Kong SAR, and Australia, among others, as well as our global travel retail business, previously reported in our EMEA region; and

•Mainland China, previously reported in our Asia/Pacific region, is reported as a separate region.

Our “Emerging Markets” are Argentina, Brazil, Chile, Colombia, Mexico, Panama and Peru in The Americas, and are India, Indonesia, Israel, Malaysia, the Middle East, the Philippines, Russia, South Africa, Thailand, Turkey and Vietnam in EUKEM.

Our “Priority Emerging Markets” are Brazil and Mexico in The Americas and India, Indonesia, Malaysia, the Middle East, the Philippines, South Africa, Thailand, Turkey and Vietnam in EUKEM. Beginning in fiscal 2027, South Africa will no longer be included within our "Priority Emerging Markets".

Customers

Our strategy is to build strong relationships globally with select retailers, and our senior management works with executives of our major retail accounts on a regular basis in support of these relationships. We believe we are viewed as an important supplier to these customers. In addition, we connect with our consumers directly through freestanding stores, e-commerce sites and social media to build a robust omnichannel experience that allows consumers to shop in these and other channels.

Marketing

Our strategy to market and promote our products begins with our well-diversified portfolio of distinctive brands across four major product categories. Our portfolio can be deployed in multiple distribution channels, key travel corridors and geographies and we continue to expand consumer coverage by participating in high-growth markets, channels, price tiers and media where the strength, awareness and desirability of our brands provide a competitive advantage. Our marketing approach reflects a consumer engagement model designed to support the long-term equity and desirability of our brands while driving consumer discovery, engagement and conversion across markets and channels. By placing the consumer at the center of every engagement and leveraging our category, geographic and channel diversity, we are able to expand our consumer coverage and reach consumers across developed and emerging markets with products, services and experiences designed for local relevance, inclusiveness and appeal with tailored experiences to local consumer preferences, cultural context and shopping behaviors. This strategy is built around “Bringing the Best to Everyone We Touch.”

Our founder, Mrs. Estée Lauder, formulated this unique marketing philosophy to provide “High-Touch” service and high-quality products as the foundation for a solid and loyal consumer base. We have further expanded our “High-Touch” execution to build more personalized consumer experiences through digital and physical demonstration and tailored trial-to-loyalty pathways with an integrated consumer engagement and marketing model across evolving physical and digital environments to support discovery, consideration, conversion and loyalty across our own and our retail partners' platforms.

Our marketing strategies vary by brand, local market and distribution channel. We have a diverse portfolio of brands, and we employ different engagement models suited to each brand’s core consumer, equity, distribution, product focus, and local relevance.

Hero products are at the core of our brand marketing strategies. They are the pillars of our brands and historically have provided strong results through high repeat sales and consumer loyalty. In addition to continuing to retain existing consumers, we are also strategically focused on attracting new consumers. Our hero products provide an opportunity for new consumers to experience our high quality products, driving consumer traffic across all channels of distribution. We aim to further strengthen our hero products, and create new ones, through continuous review of our product portfolio and creation of breakthrough, on-trend and commercial innovation that delivers fast-to-market products across prestige price tiers focused on in-demand subcategories, benefits, and occasions.

Our marketing planning approach focuses on maximizing the visibility, effectiveness and efficiency of our marketing and advertising investments across the consumer journey to accelerate new consumer acquisition. We leverage our deep category understanding and consumer intelligence and local insights to optimize allocation of resources across different media outlets and retail touch points to resonate with our most discerning consumers most effectively. This approach includes strategically deploying our brands and tailoring product assortments and communications to fit local tastes and preferences in markets and cities, and also using these insights to develop new ways to innovate, engage consumers, build brand equity and sell products. We deploy integrated marketing and media programs designed to both generate and optimize consumer demand and capture purchase intent across physical and digital environments. Our approach seeks to accelerate the impact of brand-building activities through broad reach media such as print, television and out-of-home advertising, to increase top-of mind awareness, engagement and long-term brand equity and desirability. Meanwhile, we seek to drive efficiencies with data, technology and precision of our performance and digital marketing activities, as well as leverage creator and influencer partnerships and optimize search environments and retail media networks, to better support discovery, conversion and loyalty across digital and social platforms. Together, these activities enable a full-funnel marketing approach that connects brand storytelling, consumer engagement, search and discovery, commerce and loyalty across our own platforms and those of our retail partners to meet evolving consumer shopping behaviors. Our One ELC Operating Model and unified global media model create a new enterprise operating system for growth. Powered by a single global partner and an enterprise-led approach to media planning and buying, this model unlocks greater scale, precision, and impact, thus strengthening our ability to generate and capture demand while improving media effectiveness, efficiency, and agility across markets.

As prestige beauty discovery increasingly occurs across social platforms, creator ecosystems, digital marketplaces and retailer platforms, search engines and emerging LLMs (large language models), we continue to invest in capabilities that improve the visibility, relevance and performance of our brands in these environments. This includes strengthening content, product information, digital merchandising, search optimization and media activation across both our own channels and those of our authorized retail partners. We are leveraging artificial intelligence (“AI”) to enhance personalization at scale, increase speed to market and reduce costs across the marketing value chain. As examples, we leverage AI and related technologies to help identify trends and insights, inform campaign development, test and optimize creative content, generate selected marketing content, improve targeting and search visibility, and optimize media planning and measurement. We collaborate with a range of expert partners across technology, media, creative services, commerce and data analytics. These partnerships help expand our capabilities, accelerate innovation, enable agility, and drive efficiency, while leveraging human expertise and technology to enhance the consumer experience. We also anticipate and monitor emerging platforms, balancing speed to market with brand protection to ensure readiness while safeguarding brand equity.

Promotional activities, in-store displays, digital merchandising and sampling programs are designed to attract new consumers, build demand and loyalty and introduce existing consumers to other product offerings from the respective brands. Our marketing efforts also benefit from cooperative advertising programs with some retailers, some of which are supported by coordinated promotions, such as sampling programs, including purchase with purchase and gift with purchase. Sampling is a key promotional activity as it allows consumers to experience product quality and perceived benefits directly, and as such sample products are very effective inducements to purchases by new and existing consumers. Our marketing and sales executives spend considerable time in the field meeting with consumers, retailers, beauty advisors and makeup artists at the points of sale to enable us to offer a seamless and consistent brand experience across distribution channels.

Information Technology

Information technology, including operational technology and our websites, is a key enabler of all aspects of our business, from research and development, manufacturing and distribution, to marketing, sales and order processing, consumer experiences as well as finance and human resources. We continue to make strategic investments to align with our long-term strategy of maintaining and enhancing our information technology and cybersecurity infrastructure, keeping pace with cyber threat actors and our evolving business needs. We are focused on optimizing adoption of such investments to maximize return on investment and realized value. The modernization and simplification of our information technology ecosystem remains a key focus, as we increasingly leverage the benefits of the cloud and as the organization transforms, including through the leveraging of external organizations.

We recognize information technology presents opportunities for competitive advantage, and we continue to invest in new capabilities and the use of emerging technologies, including investments in AI, across various aspects of our business. As an example, this includes the strategic utilization of data to provide better visibility into consumer trends, to increase responsiveness in our product development.

Research and Development

We believe we are an industry leader in the development of new products, and strive to deliver breakthrough, on-trend and commercial innovation to consumers around the world. Our research and innovation team, which includes scientists, engineers, analysts, and other employees involved in product and packaging innovation, works closely with our marketing and product development teams, as well as external partners in certain cases, to develop new products and product-line extensions, improve, redesign or reformulate existing products, generate new technologies, design new testing methods, identify new materials and create new packaging concepts. In addition, these research and innovation personnel provide ongoing technical assistance and know-how to quality assurance and manufacturing personnel on a worldwide basis, to ensure consistent global standards for our products and to deliver environmentally responsible products that meet or exceed consumer expectations. The research and innovation team has research-based working relationships with several U.S. and international dermatology and medical institutions, research universities and educational facilities, which supplement internal capabilities. Members of the research and innovation team are also responsible for product safety, registration and regulatory compliance matters.

Our research and development costs totaled $278 million, $316 million and $360 million in fiscal 2026, 2025 and 2024, respectively, and are expensed as incurred. As of June 30, 2026 and 2025, we had approximately 1,000 and 1,100 employees, respectively, engaged in research and development activities. We maintain research and development programs at certain of our principal facilities and facilities dedicated to performing research and development, see Item 2. Properties.

Manufacturing, Warehousing and Raw Materials

We manufacture our products primarily in our own facilities in Belgium, Canada, Japan, Switzerland, the United Kingdom and the United States, and we also leverage global third-party manufacturing networks. We continue to evaluate our manufacturing facilities and processes and identify sourcing opportunities to improve innovation, increase efficiencies, minimize our impact on the environment, ensure supply sufficiency, reduce costs and adjust our operations to respond to external challenges (e.g., geopolitical conditions including tariffs). Our plants are modern, and our manufacturing processes are substantially automated. While we believe our manufacturing network of internal and external sites is sufficient to meet current and reasonably anticipated increased requirements, we continue to implement improvements in capacity, technology, and productivity and align our manufacturing with regional sales demand to be more agile. From time to time, demand changes may challenge our capacity for certain subcategories on a short-term basis, but we believe these changes will not impact our ability to meet our long-term strategic objectives.

We have established a flexible global distribution network that is designed to meet the changing demands of our customers while maintaining service levels. We are continuously evaluating and adjusting this physical distribution network, particularly as we work to anticipate and respond to shifts in channel and consumer preferences, external challenges (e.g., geopolitical conditions including tariffs), as well as identifying opportunities to increase efficiencies and reduce costs. We have established regional and local distribution centers, including those maintained by third parties, strategically positioned throughout the world in order to facilitate efficient delivery of our products to our customers and consumers.

As discussed above, we continue to focus on social impact and sustainability across our operations. Focus areas include employee health and safety and minimizing our impact on the environment. This is achieved, in part, through our Environmental and Safety Management System, our system of health and safety policies and procedures, which is continually being enhanced and evolved. Additionally, we invest in our equipment, facilities and people to drive injury prevention and to enhance the work environment through continuous improvement of safe practices and capabilities. We also engage in initiatives to support and deliver our sustainability goals and reduce our impact on the environment. Environmental efforts include waste reduction, reducing industrial waste to landfills, reduced water withdrawal, investments in renewable energy sources and packaging that incorporates recyclable and recycled content.

The principal raw materials used in the manufacture of our products are essential oils, alcohols and specialty chemicals. We also purchase packaging components that are manufactured to our design specifications. Procurement of materials for all manufacturing facilities is generally made on a global basis through our Global Supplier Management function. We also partner with an extensive network of third-party manufacturers that help us access innovation and capacity. We review our supplier base periodically with the specific objectives of improving quality, increasing innovation and speed-to-market, ensuring supply sufficiency and reducing costs. In addition, we focus on supply sourcing within the region of manufacture to allow for improved supply chain efficiencies, lead-time reduction and reduced emissions.

Some current product supply chains include single-source materials from key partners; however, we believe we have a robust business continuity strategy, sophisticated capacity planning tools and strategic inventory buffer and multi-sourcing solutions. In the past, we have been able to obtain an adequate supply of essential raw materials and packaging components for virtually all materials used in the production of our products. From time to time, we may experience supply disruptions on a short-term basis, but we currently believe we have adequate resources of supply and our portfolio of suppliers has the resources and facilities to overcome most unforeseen interruptions of supply.

We are continually benchmarking the performance of our supply chain, and we augment our supply base and adjust our distribution networks and manufacturing plants and networks based upon the changing needs of the business and external challenges as previously mentioned. Additionally, in connection with our Profit Recovery and Growth Plan (“PRGP”), we have, and are continuing to focus on our levels of excess inventory and obsolescence and cost efficiencies within our global supply chain network. As we integrate acquired brands, we continually seek new ways to leverage our production and sourcing capabilities to improve our overall supply chain performance.

Competition

There is significant competition within each market where our skin care, makeup, fragrance and hair care products are sold. Brand recognition, product quality and effectiveness, distribution channels, accessibility, and price point are some of the factors that impact consumers’ choices among competing products and brands. There continues to be interest and awareness from our customers and consumers in responsibly-sourced ingredients and environmentally sustainable products, and we believe we are well-positioned to benefit from these preferences due to our social impact and sustainability efforts. Marketing, merchandising, in-store and online experiences and demonstrations, and new product innovations also have an impact on consumers’ purchasing decisions.

We compete against a number of global and local companies. Some of our competitors are large, well-known, multinational manufacturers and marketers of skin care, makeup, fragrance and hair care products, most of which market and sell their products under multiple brand names. Our competitors include L’Oreal S.A.; Unilever PLC; Procter & Gamble Co.; LVMH Moët Hennessey Louis Vuitton SE; Chanel Limited; Beiersdorf AG; Shiseido Company, Limited; Coty Inc.; and Puig Brands, S.A. We also face competition from a number of independent brands (“Indie Brands”), some of which are backed by private-equity investors, as well as some retailers that have their own beauty brands. Certain of our competitors also have ownership interests in retailers that are customers of ours.

Trademarks, Patents and Copyrights

We own the trademark rights used in connection with the manufacturing, marketing, distribution and sale of our products in the United States, China and in the other principal markets where such products are sold, including Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, Bobbi Brown, La Mer, Aveda, Jo Malone London, Bumble and bumble, Darphin, TOM FORD, Smashbox, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, The Ordinary, NIOD, Avestan and Loopha. We are the exclusive worldwide licensee for fragrances, cosmetics, skin care and/or related products for AERIN, Balmain, and Dr. Andrew Weil. For further discussion on license arrangements, including their duration, see Item 8. Financial Statements and Supplementary Data – Note 2 – Summary of Significant Accounting Policies – Royalty Fees - License Arrangements. We protect our trademarks in the United States, China and other principal markets worldwide. We consider the protection of our trademarks to be important to our business.

A number of our products incorporate patented, patent-pending or proprietary technology. In addition, several products and packaging for such products are covered by design patents or copyrights. While we consider these patents and copyrights, and the protection thereof, to be important, no single patent or copyright, or group of patents or copyrights, is considered material to the conduct of our business.

Human Capital

We strive to operate responsibly and to build a sustainable business based on uncompromising ethics and integrity, consistent with our Company values. We view human capital management and the strength of our employees as integral to the long-term success and resilience of our business.

Our Board of Directors and its committees provide oversight to management on a range of human capital matters, including inclusion, health and safety, and compensation and benefits.

As of June 30, 2026 and 2025, we had approximately 55,000 and 57,000 employees worldwide, respectively, including approximately 35,000 demonstrators at points of sale who are employed by us as of June 30, 2026 and 2025. At June 30, 2026, approximately 69% of our global employees were full-time, approximately 17% were temporary and approximately 14% were part-time employees, with approximately 26% of our global employees located in the United States and approximately 74% located outside of the United States. As of June 30, 2026, approximately 81% of our employees were female and 19% were male, and approximately 63% of our employees at the level of Vice President and above were female and 37% were male. We have no employees in the United States that are covered by a collective bargaining agreement. A limited number of employees outside of the United States are covered by works council agreements or other syndicate arrangements.

Our human capital management includes the following strategic areas:

Building a Strong Culture of Belonging

We remain committed to our values and support an inclusive environment for all of our employees by encouraging a culture of fairness, equal access to opportunities and ongoing learning and growth. Our objective in creating a culture of belonging is to enhance our ability to attract and retain the best talent globally and promote an environment where employees are motivated to succeed. By maintaining an environment of inclusion and belonging, we are better equipped to create innovative products and services as we continually strive to meet the evolving needs of our global consumers.

We are proud of our history of driving awareness and acceptance around the world and for standing up for the rights of all individuals, in the workplace and beyond.

Talent Recruitment, Retention, Learning and Development

Hiring, retaining and developing the best talent globally is key to our success. Our talent strategy is focused on building organization capability, employee engagement, internal talent movement and career development, succession planning and building leadership at various levels across the organization, while recognizing and rewarding high-performance. Our investments include programs and tools to equip our employees with the right skillsets and knowledge, including through training and development programs that are focused on strengthening leadership and professional skills at various stages of an employee's career, as well as opportunities to gain on-the-job development and experiences through short-term and long-term projects and networking across brands, functions and regions. Additionally, our Grow Your Skills programming and Emerging Leaders Programs are core tenants that drive continuous development across our learning culture.

To enhance our culture and measure our human capital efforts, we regularly engage with our employees and provide several mechanisms for our employees to provide their feedback. Based on our review of employee survey results, action plans are implemented by leadership to enhance the employee experience and drive alignment with our overall human capital strategy. We believe these programs and opportunities create a pipeline of skilled talent and leadership, necessary to drive and deliver on our long-term strategy in an ever changing business environment.

Our “Internal First” hiring approach prioritizes qualified internal candidates for eligible full-time roles before external recruitment, reflecting our commitment to developing, retaining and strategically deploying talent across the enterprise. This strategy enhances career progression, strengthens leadership pipelines and preserves institutional knowledge, while enabling targeted upskilling to meet evolving business priorities across brands, regions and functions. We believe this approach supports employee engagement, succession readiness and long-term organizational resilience.

Health and Safety

We are committed to providing a healthy and safe workplace for our employees. We establish and update safety policies and procedures, train employees on our safety guidelines and local requirements, and seek to create a culture focused on well-being and safety through ongoing communication, awareness and engagement.

Employee Rewards

We offer competitive compensation and benefit packages to attract, motivate and retain world-class talent, and we are committed to fair pay across the organization.

To support the health and well-being of our employees, our competitive benefit packages may include, depending upon position and location, pension and post-retirement benefit plans, health and wellness benefits, flexible working arrangements, parental (maternal and paternal) leave and support programs, adoption assistance and education-related benefits.

Volunteerism and Community Engagement

We support volunteer efforts by our employees as our long-term success can benefit from the vitality of the communities where we have a presence. This is done through our ELC Good Works program, our global charitable and volunteerism program which allows eligible employees to create and participate in volunteer activities, with their cash donations matched by the Company and volunteer hours rewarded through additional cash donations by the Company.

Government Regulation

We and our products are subject to regulation by numerous federal, state, local and international regulatory authorities and the regulatory authorities in the countries in which our products are produced or sold. Such laws and regulations relate to a wide range of matters including ingredients, manufacturing, labeling, packaging, marketing, advertising, transport and the sale, disposal and safety of our products, as well as environmental matters. We rely on legal and operational compliance programs, as well as in-house and outside counsel, to guide our businesses in complying with applicable laws and regulations.

Seasonality

Our results of operations in total, by product category and geographic region, are subject to seasonal fluctuations, with net sales in the first half of the fiscal year typically being slightly higher than in the second half of the fiscal year. The higher net sales that we typically recognize in the first half of the fiscal year are attributable to the increased levels of purchasing by consumers for special events and by retailers for holiday selling seasons. Fluctuations in net sales and operating results in total and by product category and geographic region in any fiscal quarter may be attributable to the level and scope of new product introductions or the particular retail calendars followed by our customers that are retailers, which may impact their order placement and receipt of goods. Additionally, gross margins and operating expenses are impacted on a quarter-by-quarter basis by holiday and key shopping moments, as well as variations in our launch calendar and the timing of promotions, including purchase with purchase and gift with purchase promotions.

Availability of Reports

We make available financial information, news releases and other information on our website: www.elcompanies.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other reports, as well as any amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are available free of charge via the EDGAR database at www.sec.gov or our website, as soon as reasonably practicable after we file such reports and amendments with, or furnish them to, the U.S. Securities and Exchange Commission.

Corporate Governance Guidelines and Code of Conduct

The Board of Directors has developed corporate governance practices to help it fulfill its responsibilities to stockholders in providing general direction and oversight of management. These practices are set forth in our Corporate Governance Guidelines. We also have a Code of Conduct (“Code”) applicable to all employees, officers and directors of the Company, including the Chief Executive Officer, the Chief Financial Officer and other senior financial officers. These documents and any waiver of a provision of the Code granted to any senior officer or director or any material amendment to the Code may be found in the “Investors” section of our website: www.elcompanies.com under the heading “Corporate Governance.” The charters for the Audit Committee, Compensation Committee and Nominating and ESG Committee may be found in the same location on our website.

Information about our Executive Officers*

Name and Title Age Business Experience in the Past Five Years**

Michael Bowes

Executive Vice President, Chief People Officer
55 Executive Vice President, Chief People Officer (since April 2025); Senior Vice President, Global Talent (July 2019 to March 2025)

Roberto Canevari

Executive Vice President, Chief Value Chain Officer
60 Executive Vice President, Chief Value Chain Officer (since April 2025); Executive Vice President, Global Supply Chain (April 2021 to March 2025)

Stéphane de La Faverie

President and Chief Executive Officer and a Director
52 President, Chief Executive Officer and a Director (since January 2025); Executive Group President (September 2022 to December 2024); Group President, The Estée Lauder Companies and Global President Estée Lauder and AERIN Beauty (July 2020 to August 2022)

Jane Hertzmark Hudis

Executive Vice President, Chief Brand Officer
66 Executive Vice President, Chief Brand Officer (since April 2025); Executive Group President (July 2020 to March 2025)

Rashida La Lande

Executive Vice President and General Counsel
52 Executive Vice President and General Counsel (since August 2024)

Prior to joining the Company in 2024, she served as Executive Vice President and Chief Legal and Corporate Affairs Officer (December 2023 to August 2024), Executive Vice President, Global General Counsel, and Chief Sustainability and Corporate Affairs Officer (December 2021 to December 2023), Corporate Secretary (2018 to May 2022), and Senior Vice President, Global General Counsel and Head of ESG and Government Affairs (2018 to December 2021) at The Kraft Heinz Company, a manufacturer and marketer of food and beverage products

René Lammers

Executive Vice President, Chief Research and Innovation Officer
61 Executive Vice President, Chief Research & Innovation Officer (since October 2025)

Prior to joining the Company in 2025, he served as Executive Vice President & Chief Science Officer (March 2019 to September 2025) at PepsiCo, Inc., a global beverage and convenient food company

Ronald S. Lauder

Chairman of Clinique Laboratories, LLC
82
Chairman of Clinique Laboratories, LLC

Akhil Shrivastava

Executive Vice President and Chief Financial Officer
53 Executive Vice President and Chief Financial Officer (since November 2024); Senior Vice President, Corporate Controller (July 2024 to October 2024); Senior Vice President and Treasurer (December 2020 to June 2024)

Meridith Webster

Executive Vice President and Chief Communications and Public Affairs Officer
50 Executive Vice President and Chief Communications and Public Affairs Officer (since April 2025); Executive Vice President, Global Communications and Public Affairs (May 2021 to March 2025)

*As of August 12, 2026

**All of the executive officers named above have been employees of the Company for more than five years, with the exception of Rashida La Lande and René Lammers.