Estee Lauder (EL) Director Paul Fribourg Sells Shares

What Happened
Paul J. Fribourg, a director, disposed of 103,000 shares of Estee Lauder Companies Inc. (EL) in multiple open‑market sales. Reported trades: 45,000 shares on 2026‑09‑11 at a weighted $96.78 ($4,355,100); and on 2026‑09‑14 sales of 14,777 @ $97.17 ($1,435,881), 27,086 @ $98.35 ($2,663,908), and 16,137 @ $98.79 ($1,594,174). Total proceeds across these transactions equal approximately $10,049,063. These were sales (not purchases or option exercises).

Key Details

• Transaction dates: 2026‑09‑11 and 2026‑09‑14; Form 4 filed 2026‑09‑15 (timely).
• Aggregate shares sold: 103,000; aggregate proceeds: ~$10.05M.
• Reported per‑trade weighted prices: $96.78 (9/11); $97.17, $98.35, $98.79 (9/14).
• Footnote F1: some sales were aggregated across multiple open‑market transactions; the filing shows weighted averages and the reporting person will provide per‑price breakdown on request.
• Footnotes F2–F6: detailed price ranges across the transactions — $96.41–$97.19; $96.75–$97.70; $97.71–$98.61; $98.62–$99.05 (inclusive) as reported.
• Footnote F3: the shares are held by Continental Grain Company; Mr. Fribourg may be deemed to share voting/investment power as Executive Chairman of that company and via related trusts; he disclaims beneficial ownership of shares in which he lacks a pecuniary interest.
• Shares owned after the transactions: not specified in the provided summary.

Context
These were straightforward open‑market sales by a director. Sales do not necessarily signal negative views (they can be routine or liquidity‑driven); purchases tend to be more informative of insider conviction. No option exercises, awards, or gifts are reported in this filing.