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Lvmh Moet Hennessy Louis Vuitton — LVMH Moët Hennessy - Louis Vuitton — FY2025 Earnings Presentation
31 slides from Lvmh Moet Hennessy Louis Vuitton's earnings presentation, Jan 27, 2026
Slide 1: 2025 Annual Results
2025 Annual Results J a n u ar y 2 7, 2 0 2 6 Louis Vuitton
Slide 2: Disclaimer
This document may contain certain forward-looking statements, which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to significant risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH
Slide 3: Bernard Arnault
01 Bernard Arnault Louis Vuitton
Slide 4: LVMH achieves a solid performance in an unfavorable global economic environment
LVMH achieves a solid performance in an unfavorable global economic environment €80.8bn Wines & Spirits Good resilience for REV EN U E FOR 2025 champagne and Watches & Jewelry -1% organic Growing success wines of iconic lines €17.8bn Weak local demand High-profile presence PROFIT FROM RECUR R I N G
Slide 5: Heightened commitment to corporate social responsibility
Heightened commitment to corporate social responsibility Focusing on key areas of action Putting the environment at the heart of the creative process Respecting every individual’s Supporting our employees by taking action Climate Biodiversity uniqueness and dignity for their safety and well-being 50
Slide 6: Christian Dior Business group highlights
02 Business group highlights Christian Dior
Slide 7: Wines & Spirits – Good resilience in champagne; weaker demand for cognac
Wines & Spirits – Good resilience in champagne; weaker demand for cognac REVENUE: REVENUE: CHAMPAGNE & COGNAC & WINES SPIRITS +0% -12% Organic Organic Champagne & Wines Cognac & Spirits ⎯ Revenue stable ⎯ Ongoing trade tensions in the United States and China ⎯ Good performance achieved by Provence r
Slide 8: Fashion & Leather Goods – Improved trends driven by local customers
Fashion & Leather Goods – Improved trends driven by local customers Louis Vuitton Christian Dior Loro Piana Solid momentum in all product categories; exhibition in Shanghai for its 100th anniversary ⎯ Successful fashion shows and collections ⎯ Excellent reception of Jonathan Anderson’s Celine First
Slide 9: Perfumes & Cosmetics – Sustained innovation and ongoing selective retail approach
Perfumes & Cosmetics – Sustained innovation and ongoing selective retail approach Parfums Christian Dior Guerlain New fragrances in the Aqua Allegoria and Maison Exhibition at the Palais de Tokyo on ⎯ Successful innovations in makeup L’Art & La Matière collections; successful Francis 30 years of per
Slide 10: Watches & Jewelry – Growing success with the development of iconic lines
Watches & Jewelry – Growing success with the development of iconic lines Tiffany & Co. Bvlgari TAG Heuer High-profile presence through the partnership with Formula 1; success of the Formula 1 line ⎯ Success of high jewelry ⎯ “Serpenti Infinito” exhibition in Shanghai, Seoul Hublot New additions to t
Slide 11: Selective Retailing – Remarkable performance by Sephora; ongoing improvement for DFS
Selective Retailing – Remarkable performance by Sephora; ongoing improvement for DFS Sephora DFS Le Bon Marché ⎯ Excellent performance in key markets and ongoing ⎯ Optimized store network ⎯ Exclusive, distinctive concepts and a diverse range of market share gains products, supporting revenue growth
Slide 12: Outlook for 2026
03 Outlook for 2026 Louis Vuitton
Slide 13: Outlook for 2026: Further expanding LVMH's global leadership
Outlook for 2026: Further expanding LVMH’s global leadership Commitment Continuing the Quality Group’s commitment Continuing to to environmental reinforce our iconic protection and collections, uphold corporate social the highest standards responsibility Entrepreneurial for quality and spirit develo
Slide 14: Cécile Cabanis Christian Dior
04 Cécile Cabanis Christian Dior
Slide 15: Key figures for 2025
Key figures for 2025 REVENUE PROFIT FROM RECURRING OPERATING FREE OPERATIONS CASH FLOW €11.3 €80.8 €17.8 bn bn bn +8% OPERATING 2025 -1%* -9% INVESTMENTS €4.6 bn H2 +1%* OPERATING MARGIN 22% NET DEBT TO EQUITY RATIO * Organic growth with respect to 2024 9.9% 15 2025 Annual Results
Slide 16: Change in revenue
Change in revenue Change in revenue (in millions of euros) Organic Impact of Impact of exchange 84 683 growth changes in scope rate fluctuations 80 807 -1% 0% -3% -5% 2024 2025 Organic growth in Q4: +1% 16 2025 Annual Results
Slide 17: Balanced geographic revenue mix
Balanced geographic revenue mix Breakdown of 2025 revenue by region (as %) €80.8bn REVENUE EUROPE UNITED STATES 26% 26% vs. 25% in 2024 vs. 25% in 2024 JAPAN 8% vs. 9% in 2024 OTHER MARKETS ASIA (excl. Japan) 14% vs. 13% in 2024 26% vs. 28% in 2024 17 2025 Annual Results
Slide 18: Improved trends in all regions in H2 except Europe
Improved trends in all regions in H2 except Europe Quarterly organic change in revenue by region (as %) vs. same period in 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 United States Japan Asia (excl. Japan) Europe +3% +2% +2% +1% +0% +1% -0% -1% -1% -1% -3% -2% -2% -5% -4% -6% -12% -11% -13% -28% 18 20
Slide 19: Revenue by business group: Improved trends in H2
Revenue by business group: Improved trends in H2 Revenue for 2025 by business group (in millions of euros) H1 2025 H2 2025 2025 vs. 2024 vs. H1 2024 vs. H2 2024 Reported Organic Organic Organic 2024 2025 growth growth* growth growth Wines & Spirits 5 862 5 358 -9% -5% -7% -4% Fashion & Leather Goods
Slide 20: Improved trends for all business groups in H2
Improved trends for all business groups in H2 Organic change in revenue by business group (as %) vs. same period in 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Fashion & Leather Total Group Wines & Spirits Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing +8% +7% +7% +4% +4% +3% +2% +2%
Slide 21: Decrease in operating profit mainly related to exchange rate fluctuations
Decrease in operating profit mainly related to exchange rate fluctuations Change in profit from recurring operations (in millions of euros) Organic Impact of Impact of change changes in exchange rate scope fluctuations 19 571 17 755 -€740m -€11m -€1 065m -9% 2024 2025 21 2025 Annual Results
Slide 22: Current operating margin: 22%
Current operating margin: 22% Profit from recurring operations by business group (in millions of euros) 2024 2025 Change vs. 2024 Wines & Spirits 1 356 1 016 -25% Fashion & Leather Goods 15 230 13 209 -13% Perfumes & Cosmetics 671 727 +8% Watches & Jewelry 1 546 1 514 -2% Selective Retailing 1 385 1
Slide 23: Net profit, Group share: €10.9 billion
Net profit, Group share: €10.9 billion Condensed income statement (in millions of euros) 2024 2025 Change vs. 2024 Revenue 84 683 80 807 -5% Gross margin 56 765 53 528 -6% Marketing and selling expenses (31 002) (29 914) -4% General and administrative expenses (6 220) (5 934) -5% Equity investment i
Slide 24: Change in net financial result
Change in net financial result Change in “Net financial income/(expense)” (in millions of euros) 2024 2025 Change (€m) Cost of net financial debt (442) (348) +94 Interest on lease liabilities (510) (553) -43 Cost of foreign exchange derivatives (282) (302) -20 Fair value adjustment of available for
Slide 25: Solid financial structure
Solid financial structure Changes compared to year-end 2024 €142bn €142bn Decrease in intangible assets mainly due to exchange rate fluctuations and valuation of intangible assets, in particular purchase commitments for minority interests 49% Equity Non-current 66% assets Change in property, pla
Slide 26: Cash flow: €11.3 billion
Cash flow: €11.3 billion Breakdown of free cash flow operations (in millions of euros) 2024 2025 Change (€m) Cash from operations before changes in working capital 27 220 24 941 -2 279 Cost of net financial debt: interest paid (357) (290) +67 Lease liabilities: interest paid (483) (545) -62 Tax paid
Slide 27: Net debt to equity (gearing) ratio: 9.9%
Net debt to equity (gearing) ratio: 9.9% Net debt (in millions of euros) Gearing 10 746 9 607 9 201 9 228 6 857 4 241 20% 16% 17% 11% 13% 10% 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 27 2025 Annual Results
Slide 28: Dividend in respect of fiscal year 2025: €13 per share
Dividend in respect of fiscal year 2025: €13 per share Gross dividend per share (EUR) Average annual growth rate over 5 years: +17% 13.00 13.00 13.00 * 12.00 10.00 6.00 2020 2021 2022 2023 2024 2025 * Amount proposed at the Shareholders’ Meeting of April 23, 2026. 28 2025 Annual Results
Slide 29: Appendices
Louis Vuitton Appendices 05
Slide 30: Quarterly revenue by business group – Organic change (as %)
Quarterly revenue by business group – Organic change (as %) 2025 vs. 2024 Q1 2025 Q2 2025 H1 2025 Q3 2025 Q4 2025 H2 2025 2025 Wines & Spirits -9% -4% -7% +1% -9% -4% -5% Fashion & Leather Goods -5% -9% -7% -2% -3% -3% -5% Perfumes & Cosmetics -1% +1% -0% +2% -1% +0% -0% Watches & Jewelry -0% +0% -0
Slide 31: Quarterly revenue by business group (in millions of euros)
Quarterly revenue by business group (in millions of euros) Champagne & Cognac & Wines & Fashion & Perfumes & Other activities 2025 Wines Spirits Spirits Leather Goods Cosmetics Watches & Jewelry Selective Retailing and eliminations Total Q1 2025 676 629 1 305 10 108 2 178 2 482 4 189 49 20 311 Q2 20
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