What does innovation look like in 2025? From AI to blockbuster weight-loss drugs, Europe’s forward-thinking companies punch above their weight.

For the first time, Fortune analyzed the top companies across the continent in partnership with Statista to find the standouts that are driving progress with success. Patent data was provided by LexisNexis Intellectual Property Solutions.

The list features 300 companies across 21 countries and 16 industries, and a total of 168 of the companies are on the Fortune 500 Europe. Companies on the list have brought in just under $8 trillion in annual revenue. The U.K. has more companies on our list than any other country, followed by Germany and Switzerland. The top sectors are finance, followed by retail and industrials.

Companies on the list have brought in just under $8 trillion in annual revenue.

The list features 300 companies across 21 countries and 16 industries, and a total of 168 of the companies are on the Fortune 500 Europe. Companies on the list have brought in just under $8 trillion in annual revenue. The U.K. has more companies on our list than any other country, followed by Germany and Switzerland. The top sectors are finance, followed by retail and industrials.

L’Oréal was ranked at the top of the list in 2025. “We are immensely proud to be recognized by Fortune as Europe’s most innovative company,” Nicolas Hieronimus, Chief Executive Officer of L’Oréal told Fortune. “This prestigious recognition reinforces our conviction that innovation, fueled by science, technology, and creativity, is the best way to succeed on the world stage, but is also a testament to the incredible talent and dedication of our teams around the globe.”

We’ve highlighted some of the standout companies from this year’s list driving innovation across Europe.

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L’Oréal

Household products
Noted for: Product innovation
Employees: 50,000–99,999
Fortune 500 Europe rank: 91
France

L’Oréal invests more than €1 billion annually in research and innovation and boasts a team of over 4,000 researchers. This, in turn, helps the French company formulate new ingredients and develop new products. Earlier this year, L’Oréal launched a device called Cell BioPrint that will give people a detailed assessment of their skin and the products best suited for it.

“This prestigious recognition reinforces our conviction that innovation, fueled by science, technology, and creativity, is the best way to succeed on the world stage…”

Nicolas Hieronimus, CEO, L’Oréal

Unilever

Household products
Product innovation
Employees: >100,000
F500 Europe rank: 49
U.K.

Unilever’s innovations take different shapes and forms—from fast-action laundry liquid to paper-cup instant noodles. The London-based company has 20,000 patents and a team of 5,000 experts who design new products, aided by nearly €1 billion in annual investments. Unilever has also expanded its AI use to help customers find the best products and discover new ones backed by scientific data.  

Philips

Health care
Product innovation
Employees: 50,000–99,999
F500 Europe rank: 210
Netherlands

Founded in 1891, Royal Philips is known for pioneering innovations in lighting, health care, and consumer electronics. Key breakthroughs include the first compact audio cassette, electric razors, and mercury-free light bulbs. Today, Philips leads in sustainable, health–focused technology, improving billions of lives globally.

Courtesy Philips

GSK

Health care
Innovation culture
Employees: 50,000–99,999
F500 Europe rank: 104
U.K.

GSK’s innovations were reflected in its bottom line in 2024. With the help of its Silicon Valley veteran technology chief, Shobie Ramakrishnan, GSK is also using AI to speed drug discovery and streamline its supply chains.

Novo Nordisk

Health care
Innovation culture
Employees: 50,000–99,999
F500 Europe rank: 116
Denmark

Novo Nordisk is wasting little time in developing new obesity treatments that, until recently, made it Europe’s most valuable company. In May, the FDA accepted Novo’s application to sell an oral version of Wegovy; an approval decision is expected in Q4. Novo Nordisk’s recent trials for CagriSema, a new, more effective weight-loss medication, could increase its appeal beyond the millions already using its drugs.

Courtesy of Novo Nordisk

Medtronic

Health care
Process innovation
Employees: 50,000–99,999
F500 Europe rank: 125
Ireland

In 2024, Medtronic invested more than $2.7 billion in R&D and operated over 81 manufacturing sites. AI is used to customize patient care, ranging from personalized brain therapy to data-driven diabetes care. The use of robotic-assisted surgery (RAS) also helps enhance precision and control. 

EssilorLuxottica

Retailing
Product innovation
Employees: >100,000
F500 Europe rank: 144
France

Whether with Ray-Ban Meta glasses or its latest audio-enhancing eyewear, EssilorLuxottica is always pioneering new technology. Nearly 1,000 researchers across 50 R&D sites supported by up to €350 million in investment help the Franco-Italian company stay ahead of trends. The company is also vertically integrated, allowing for better quality control globally.

Click here to view the full list.

This story was originally featured on Fortune.com

© Illustration by Linn Fritz

CEO Agenda provides unique insights into how leaders think and lead and what keeps them busy in a world of constant change. We look into the lives, minds and agendas of CEOs at the world’s most iconic companies.

Mark Read doesn’t fear change—he embraces it. In 2018 he took over WPP, one of the world’s largest advertising groups by revenue, and was immediately forced to navigate the toughest chapter in its 40-year history. Today, he announced his departure, sending shockwaves through the advertising world. Fortune exclusively spoke with Read ahead of the announcement to discuss his legacy and his views on the future of the industry.

Becoming CEO wasn’t on Read’s strategic road map. Seven years on, speaking exclusively to Fortune on the eve of announcing his departure from the role, he reflects back on the experience as “a journey.” Replacing the group’s founder, Sir Martin Sorrell, who left following a series of allegations about his conduct in office, at a time when the industry was still coming to terms with the rise of adtech platforms from Meta and Alphabet, was a task for only the bravest of leaders. What followed was a series of consolidations, cost-cutting, and the fresh economic turmoil created by the Trump government’s tariffs. 

Today, the group boasts many of the Fortune Global 500’s biggest household names as clients, including Unilever, Nestlé, Coca-Cola, and L’Oréal.

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WPP rank on Fortune 500 Europe

Read began his career at WPP in 1989. A decade later, around the time of the dotcom bubble, he left to step into the world of startups, cofounding WebRewards, a U.K.-based loyalty platform, which went on to be sold to a competitor in 2001.

That entrepreneurial experience had a lasting impact on his leadership style: “If you’re not on top of the details, it’s a problem.” Today, at 58 years old and as CEO of WPP through to the end of 2025, he has led the way in embracing AI, spearheading WPP’s own AI platform.

Speaking to Fortune at WPP’s headquarters on the banks of the River Thames in London, he showed off WPP Open, a suite of AI tools developed in-house, of which Read says he is one of the most engaged users. His enthusiasm for AI is infectious. Today, 48,000 of WPP’s global staff use AI for coming up with ideas, content production across print and digital, and media strategy. Almost every leader is dabbling in AI, but Read has put it front and center.

For Read, who is fueled by Nespresso coffee (he values consistency), it’s not all been smooth sailing. During his tenure, WPP’s share price has nearly halved, knocking the holding company market valuation to $8.59 billion as it navigates flatlining revenue growth among its myriad of agencies and a wave of staff anger over its controversial return-to-office policy: “We knew it wasn’t going to be a popular decision with everybody, but we think it’s the right thing for the long-term success of the company,” he says.

Today, advertising is undergoing its next transformational shift. Sam Altman, OpenAI’s CEO, has repeatedly taken aim, claiming that “95% of what marketers use agencies, strategists, and creative professionals for today will easily, nearly instantly, and at almost no cost be handled by the AI.”

Read is tackling Altman’s audacious claim head-on by embracing the opportunities that AI offers while leaning into WPP’s strengths: “Creativity will be important, if not more important, in the future.” In contrast to Altman, Read believes AI will augment, not replace, the talent behind one of the world’s largest advertising groups.

This interview has been edited for brevity.

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Down to business

Fortune: How have your startup experience and being a digital leader influenced your role as a CEO today? 

I learned pretty quickly in a startup that if you’re not on top of the details, it can be a bit of a problem. I asked the CFO one day whether our invoices had been paid, and he told me he forgot to send them out! You have to take time to understand the technology, what’s happening, how things work, and how it’s going to impact the business. I do get involved in how we’re deploying technology in the business [and hold] a weekly AI meeting every Friday. For many entrepreneurs, they’re intimately involved in the details, particularly in technology, and that is critical.

Which long-term trend are you most bullish about for society and the economy at large?

AI is going to be transformative to our business.

We showed WPP Open, our AI platform, to Sam Altman’s CMO, and she asked if she could get access to it. When the CMO of OpenAI says, “I’d love to use your platform,” you know you’re onto something.

The foundational models like Google Gemini and OpenAI are so powerful, the trick is to build a proprietary application on top of them, one that you can use to make your business better. And that’s what we’re doing. I think that we can see enough about how the world works to know that [AI] is going to make our people much more productive. 

How do you demonstrate the value of creativity in the age of AI?

Creativity will be important, if not more important, in the future. The ability to produce stuff is obviously going to increase, but the ability to cut through is going to be harder. And we see that in every medium. AI will augment human creativity. The machine will bring us inside. It will help us come up with ideas. It is not going to replace human beings as the ultimate judge for those ideas. If you think about what a brand is, it’s a series of rules, a color, a tone of voice, a name, a design system, [and AI] is very good at understanding that. So I think it’s going to be very good at producing work. Is it going to produce ideas? I don’t think so.

Richard Bord—Wireimage Via Getty Images

How can European leaders address the productivity gap with the U.S.?

AI is part of it. Europe’s productivity challenge is obviously deeper, although we’re not one market like America.

The U.K. is in a more challenging position, because we’re not located in the U.S. or in continental Europe. There’s large parts of the economy where I think more deregulation and more cross-border cooperation could create bigger, stronger global businesses. You go to America, and you see a lot of people working hard because the safety net is not there. You go to a restaurant, there are seniors working in America. Europe is a great continent in which to be a student, to retire, be treated in a hospital, to go to university. There’s many aspects of European life that are, say, better than American life, but I think that there’s a different motivation to succeed in America.

Being productive

What time do you get up in the morning, and what sets you up for the day?

My alarm goes off at 6:45 a.m. I have a lot of coffee—I’m a great believer in Nespresso—followed by breakfast with my kids. Each morning, I drive myself to the office, chat to people in the car. Sometimes I might listen to a client earnings call or a podcast. I find my time in the car a very productive time to talk to people. 

“The foundational models like Google Gemini and OpenAI are so powerful, the trick is to build a proprietary application on top of them, one that you can use to make your business better.”

Mark Read, CEO, WPP

What time do you usually clock off work? Do you check email afterward or prefer to fully switch off in the evenings?

I can’t disconnect in the evenings. I usually end up multitasking, juggling emails while watching TV. I tend to leave the office at 7 p.m. and finish off emails in the evening. If I’m traveling, I’ll have dinner with clients or colleagues.

I try not to do too much on the weekend but often have calls on Sunday afternoon and tend to catch up with work. I came across a Harvard statistic saying the average CEO works at least seven hours over the weekend. I don’t do that many in a typical weekend.

Do you have a sports ritual that’s built into your week?

I’ve got a running machine and a Peloton bike. If I’m going to exercise, I try to get it done in the morning. I have more of a cardio approach than a weights approach.

What apps or methods do you use to be more productive?

I mostly use email and WhatsApp. I use email as my primary to-do list, and WhatsApp is more about keeping in contact with people. We have a company WhatsApp group in which we share ideas, insights, and articles. I spend a lot of time on my phone. 

Getting personal

Who is on your “personal board”?

I learn the most from my clients. They talk about what’s on their mind, how we’re doing, and what they need to see. 

What is your favorite ­company and why? 

The brand I probably engage with most is Apple. Apple has a simplicity and an unrivaled sense of interoperability. 

What’s your favorite cuisine to cook or eat?

Definitely Chinese food. I just spent two weeks in China with my family. My kids have become addicted to Szechuan food. Sometimes we cook it at home; my daughter loves it and has a Chinese hot pot.

CEO Agenda provides unique insights into how leaders think and lead, and what keeps them busy in a world of constant change. We look into the lives, minds and agendas of CEOs at the world’s most iconic companies. Dive into our other CEO Agenda profiles.

This story was originally featured on Fortune.com

© Jillian Edelstein for Fortune