Lvmh Moet Hennessy Louis Vuitton Se · EURONEXT:MC
Lvmh Moet Hennessy Louis Vuitton — LVMH Moët Hennessy - Louis Vuitton — Q2 2026 Earnings Presentation
38 slides from Lvmh Moet Hennessy Louis Vuitton's earnings presentation, Jul 28, 2026
Slide 1: 2026 First-Half Results
2026 First - Half Results July 27, 2026 Christian Dior
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
Slide 3: Acceleration in Q2, solid results in H1
Acceleration in Q2, solid results in H1 PROFIT FROM RECURRING OPERATING REVENUE OPERATIONS FREE CASH FLOW € 4.1bn € 38.6 bn € 8.7 bn OPERATING INVESTMENTS H1 +2 %* OPERATING MARGIN € 2.1bn Q2 +3 %* 22.5% NET DEBT TO EQUITY RATIO (GEARING) * Organic growthvs. sameperiod in 2025 11.8% 3 2026 First - H
Slide 4: Acceleration in Q2, solid results in H1
Acceleration in Q2, solid results in H1 Wines & Spirits Signs of recovery in champagne and cognac Fashion & Leather Goods Organic growth in Q2 Sephora Accelerating growth at Christian Dior Strong growth across all markets Successful innovations driven by creative renewal Strong growth in the United
Slide 5: Business group highlights
01 Business group highlights Louis Vuitton Louis Vuitton
Slide 6: Wines & Spirits
BUSINESS GROUP HIGHLIGHTS Wines & Spirits Hennessy 6 2026 First - Half Results
Slide 7: Wines & Spirits – Return to growth in H1
Wines & Spirits – Return to growth in H1 Wines & Spirits – Change in revenue and profit from recurring operations (in millions of euros) Cognac & Spirits Revenue Profit from recurring operations Champagne & Wines +0 % +11% +5% organic 2 588 2 598 582 524 1 190 1 173 271 264 1 397 1 424 311 261 H1 20
Slide 8: Wines & Spirits – Signs of recovery; ongoing cost control
Wines & Spirits – Signs of recovery; ongoing cost control REVENUE: REVENUE: CHAMPAGNE & COGNAC & WINES SPIRITS +7% +3% Organic Organic Champagne & Wines Cognac & Spirits ⎯ Signs of recovery in champagne, particularly in Europe and Japan ⎯ Positive momentum for Hennessy in China, successful Chinese N
Slide 9: Fashion & Leather Goods
BUSINESS GROUP HIGHLIGHTS Fashion & Leather Goods Christian Dior 9 2026 First - Half Results
Slide 10: Fashion & Leather Goods – Sequential acceleration and high operating margin
Fashion & Leather Goods – Sequential acceleration and high level of operating margin Fashion & Leather Goods – Change in revenue and profit from recurring operations (in millions of euros) Revenue Profit from recurring operations - 5% - 7% - 1% organic 19 115 6 636 6 195 18 146 H1 2025 H1 2026 H1 20
Slide 11: Fashion & Leather Goods – Organic growth in Q2
Fashion & Leather Goods – Organic growth in Q2 Louis Vuitton Christian Dior Couture Loro Piana Strong growth; Nomadic Reveriecollection presented in Milan ⎯ Good performance of collections ⎯ Success of ready - to- wear and leather goods Celine First bags and shows by Michael Rider well received by N
Slide 12: Perfumes & Cosmetics
BUSINESS GROUP HIGHLIGHTS Perfumes & Cosmetics Parfums Christian Dior 12 2026 First - Half Results
Slide 13: Perfumes & Cosmetics – Stable organic revenue and improved operating margin
Perfumes & Cosmetics– Stable organic revenue and improved operating margin Perfumes & Cosmetics – Change in revenue and profit from recurring operations (in millions of euros) Revenue Profit from recurring operations - 4% - 2% 0% organic 425 417 4 082 3 914 H1 2025 H1 2026 H1 2025 H1 2026 Operating
Slide 14: Perfumes & Cosmetics – Good performance by historic Maisons
Perfumes & Cosmetics– Good performance by historic Maisons Parfums Christian Dior Guerlain Success of L’Art et La Matière and Aqua Allegoria Maison Expansion of the Oud collection; spotlight on Perle; acceleration in makeup of RougeG ; good Francis Baccarat Rouge 540with Icon(s) documentary ⎯ Launch
Slide 15: Watches & Jewelry
BUSINESS GROUP HIGHLIGHTS Watches & Jewelry Tiffany & Co. 15 2026 First - Half Results
Slide 16: Watches & Jewelry – Very strong organic revenue growth
Watches & Jewelry – Very strong organic revenue growth and improvement in operating margin Watches & Jewelry – Change in revenue and profit from recurring operations (in millions of euros) Revenue Profit from recurring operations +3% +9% +9% organic 831 5 225 762 5 090 H1 2025 H1 2026 H1 2025 H1 202
Slide 17: Watches & Jewelry – Excellent performance in Jewelry
Watches & Jewelry – Excellent performance in Jewelry Tiffany & Co. Bvlgari TAG Heuer Ongoing marketing activations under partnership with F1 Strong growth with: Strong growth in revenue Hublot Limited editions of Big Bang ⎯ Major success of iconic lines ⎯ Record - breaking revenue for the Eclettica
Slide 18: Selective Retailing
BUSINESS GROUP HIGHLIGHTS Selective Retailing 18 2026 First - Half Results Sephora
Slide 19: Selective Retailing – Continued profitable growth
Selective Retailing– Continued profitable growth Selective Retailing – Change in revenue and profit from recurring operations (in millions of euros) Revenue Profit from recurring operations - 2% +2% +5% organic 8 620 876 893 8 406 H1 2025 H1 2026 H1 2025 H1 2026 Operating 10.2% 10.6% margin 19 2026
Slide 20: Selective Retailing – Strong growth for Sephora; sale of assets by DFS
Selective Retailing– Strong growth for Sephora; sale of assets by DFS Sephora Le Bon Marché DFS ⎯ Strong growth Revenue growth backed by: ⎯ Completion of the sale of DFS’ business in Greater ⎯ Exclusive concepts China to China Tourism Group Duty Free ⎯ Ongoing success of exclusive brands ⎯ Diverse r
Slide 21: Consolidated key figures H1 2026
02 Consolidated key figures H1 2026 Christian Dior
Slide 22: Accelerating revenue growth in Q2
Acceleratingrevenuegrowthin Q2 H1 2026 – Change in revenue (in millions of euros) Organic Perimeter Currency growth impact effect 39 810 38 644 +2% - 1% - 5% - 3% H1 2025 H1 2026 Q2 organic growth : +3% 22 2026 First - Half Results
Slide 23: Balanced geographic revenue mix
Balanced geographic revenue mix H1 2026 – Breakdown of revenue by region (as % of total revenue) €38.6bn REVENUE FRANCE UNITED STATES 8% vs. 8% in H1 2025 25% vs. 25% in H1 2025 JAPAN 8% vs. 8% in H1 2025 OTHER MARKETS EUROPE (excl . France) ASIA (excl . Japan) 13% 17% 29% vs. 14% in H1 2025 vs. 17%
Slide 24: Organic revenue growth across all markets in Q2
Organic revenuegrowthacross all markets in Q2 Quarterly organic revenue change by region (as %) vs. same period in 2025 Q1 2026 Q2 2026 H1 2026 United States Japan Asia (excl. Japan) Europe +14% +7% +6% +6% +5% +4% +4% +3% +0% -1% -3% -3% 24 2026 First - Half Results
Slide 25: Accelerating revenue growth in Q2
Acceleratingrevenuegrowthin Q2 H1 2026 – Revenue by business group (in millions of euros) Q2 2026 H1 2026 vs H1 2025 vs Q2 2025 Reported Organic Organic H1 2025 H1 2026 growth growth* growth Wines & Spirits 2 588 2 598 0% +5% +5% Fashion & Leather Goods 19 115 18 146 - 5% - 1% +1% Perfumes & Cosmeti
Slide 26: Increase in profit from recurring operations, excl. negative currency impact
Increase in profit from recurring operations, excl. negative currency impact Change in profit from recurring operations (in millions of euros) Organic Perimeter Currency growth impact effect 9 012 8 691 €341m €25m - €686m -4% H1 2025 H1 2026 26 2026 First - Half Results
Slide 27: High level of operating margin maintained
High level of operatingmargin maintained Profit from recurring operations by business group (in millions of euros) H1 2025 H1 2026 Change vs H1 2026 Wines & Spirits 524 582 +11% Fashion & Leather Goods 6 636 6 195 - 7% Perfumes & Cosmetics 425 417 - 2% Watches & Jewelry 762 831 +9% Selective Retaili
Slide 28: Stable net profit
Stable net profit Condensed income statement (in millions of euros) H1 2025 H1 2026 Change vs H1 2025 Revenue 39 810 38 644 - 3% Gross margin 26 610 25 936 - 3% Marketing and selling expenses (14 732) (14 392) - 2% General and administrative expenses (2 889) (2 876) 0% Equity investment income 23 23
Slide 29: Positive change in net financial result
Positive change in net financial result Change in “Net financial income/(expense)” (in millions of euros) H1 2025 H1 2026 Change (€m) Cost of net financial debt (211) (192) +19 Interest on lease liabilities (278) (261) +17 Cost of foreign exchange derivatives (194) (89) +105 Fair value adjustment of
Slide 30: Solid financial structure
Solid financial structure Change with respect to year-end 2025 €142bn €142bn ➢ Increase in intangible assets driven by currency fluctuations 49% Equity ➢ Decrease in operating investments Non - current 67% assets ➢ Increase in inventories arising from business activity ➢ Increase in equity related t
Slide 31: Very strong cash flow generation
Very strong cash flow generation Breakdown of free cash flow operations (in millions of euros) H1 2025 H1 2026 Change ( €m) Cash from operations before changes in working capital 12 287 12 055 - 232 Cost of net financial debt: interest paid (104) (139) - 35 Lease liabilities: interest paid (269) (25
Slide 32: Net debt to equity ratio: 11.8%
Net debt to equity ratio: 11.8% Net debt (in millions of euros) Gearing 12 465 12 158 10 746 10 176 9 228 8 245 6 857 21% 17% 18% 13% 15% 10% 12% 30/06/2023 31/12/2023 30/06/2024 31/12/2024 30/06/2025 31/12/2025 30/06/2026 ➢ Interim dividend: €5.50 per share, paid on December 3, 2026 32 2026 First -
Slide 33: Conclusion
Christian Dior Conclusion 03
Slide 34: 2026 outlook: Further strengthen our icons and enhance brand desirability
2026 outlook: Further strengthen our icons and enhance brand desirability Creativity Agility Strengthening of icons Operational efficiency New in - store experiences Entrepreneurial spirit Desirability Excellence Continued creative renewal Development Commitment of craftmanship to the highest qualit
Slide 35: Annexes
Christian Dior Annexes 04
Slide 36: Quarterly revenue by region – Organic change vs. previous year
Quarterly revenue by region – Organic change vs. previous year (as %) 2026 vs 2025 Q1 2026 Q2 2026 H1 2026 United States +3% +6% +4% Japan - 3% +14% +5% Asia (excl. Japan) +7% +4% +6% Europe - 3% 0% - 1% Total LVMH +1% +3% +2% 2025 vs 2024 Q1 2025 Q2 2025 H1 2025 United States - 3% 0% - 1% Japan - 1
Slide 37: Quarterly revenue by business group – Organic change vs. previous year
Quarterly revenue by business group – Organic change vs. previous year (as %) 2026 vs 2025 Q1 2026 Q2 2026 H1 2026 Wines & Spirits +5% +5% +5% Fashion & Leather Goods - 2% +1% - 1% Perfumes & Cosmetics 0% - 1% 0% Watches & Jewelry +7% +11% +9% Selective Retailing +4% +6% +5% Total LVMH +1% +3% +2% 2
Slide 38: Quarterly revenue by business group
Quarterly revenue by business group (in millions of euros) Champagne Cognac & Wines & Fashion & Perfumes & Watches & Selective Other activities & 2026 & Wines Spirits Spirits Leather Goods Cosmetics Jewelry Retailing eliminations Total Q1 2026 663 610 1 273 9 247 2 038 2 443 4 048 72 19 121 Q2 2026
LVMH Moët Hennessy - Louis Vuitton — Q2 2026 Earnings Presentation on 6ix