Compagnie Financiere Richemont Sa · SIX:CFR

Compagnie Financiere Richemont Sa — Q2 2026 Earnings Presentation

40 slides from Compagnie Financiere Richemont Sa's earnings presentation, Nov 17, 2025

  1. Slide 1: FY26 Interim Results

    FY26 INTERIM RESULTS 30 SEPTEMBER 2025

  2. Slide 2: Forward-Looking Statements

    Certain of the matters discussed in this document about our and our subsidiaries’ future performance, including, without limitation, store openings and closings, product introductions, sales, sales growth, sales trends, store traffic, Richemont's strategy and initiatives and the pace of execution th

  3. Slide 3: Agenda

    › Highlights › Sales › Business areas › Financials › Conclusion › Q&A › Appendix

  4. Slide 4: Highlights

    Highlights ~RICHEMONT We Crate the Future

  5. Slide 5: H1-26 Key Figures

    H1-26 KEY FIGURES|SOLID RESULTS IN THE FIRST HALF Operating Profit Sales €2.4bn €10.6bn +24% at constant FX +10% at constant FX +7% at actual FX +5% at actual FX Operating margin 22.2% Profit Cash flow from Continuing Operations from Operating Activities €1.8bn €1.9bn +4% vs H1-25 Net cash position

  6. Slide 6: H1-26 Highlights

    H1-26 HIGHLIGHTS|CONTINUED PROGRESS IN UNCERTAIN TIMES › Double-digit increase in H1: +10% at constant rates led by the Jewellery Maisons and local demand Strong › Acceleration in Q2 with sales up +14% at constant rates sales growth  Higher sales across all business areas: Jewellery Maisons +17%, S

  7. Slide 7: Sales

    AT RICHEMONT We Craft the Futave I

  8. Slide 8: Double-Digit Growth Across All Regions

    DOUBLE-DIGIT GROWTH ACROSS ALL REGIONS IN Q2, LED BY STRONG LOCAL DEMAND (CONSTANT RATES) Americas Asia Pacific +18% vs H1-25 25% +5% vs H1-25  Strong increase at all business 32%  Stable H1 sales in China, Hong areas and across all channels Kong and Macau; +7% in Q2, led  Double-digit growth acr

  9. Slide 9: Strong Contributions From Americas, Europe And Middle East

    STRONG CONTRIBUTIONS FROM AMERICAS, EUROPE AND MIDDLE EAST +€0.5bn +5% at actual rates +114 10 619 +260 -59 +235 -8 10 077 H1-25 Europe Asia Pacific Americas Japan Middle East & H1-26 Africa

  10. Slide 10: Sales Across Channels

    H1-26 SALES|CONSISTENT GROWTH ACROSS CHANNELS (CONSTANT RATES) Retail Direct-to-Client (DTC) +10% H1-26, +14% Q2 76% of sales (flat vs H1-25) 70%  Growth led by Jewellery Maisons, 76% • > 80% at Jewellery Maisons then F&A; slight decline at SWM • c. 60% at Specialist Watchmakers  Solid increases a

  11. Slide 11: Business Areas

    Business areas AT RICHEMONT We Craft the Futave

  12. Slide 12: Jewellery Maisons: High Demand Fuelling Growth

    H1-26 JEWELLERY MAISONS|HIGH DEMAND FUELLING GROWTH › Sales of €7.7bn, up by 9% +14% at constant exchange rates  Double-digit growth in Americas, Middle East & Africa, Europe  Strong performance across all channels 22%  Q2 sales up by 17% at constant rates +12% Europe › Operating result at €2.5bn

  13. Slide 13: Jewellery Maisons: Strong Heritage And Creativity

    H1-26 JEWELLERY MAISONS|STRONG HERITAGE AND CREATIVITY › Success of timeless collections in both jewellery and watches  Cartier | Clash, Panthère, Santos  Van Cleef & Arpels | Alhambra, Perlée, Flora  Buccellati | Opera Tulle, Macri › Persistent innovation to foster desirability  Launch of Love

  14. Slide 14: Specialist Watchmakers: Moderate Sales Decline In H1

    H1-26 SPECIALIST WATCHMAKERS|MODERATE SALES DECLINE IN H1 › Sales of €1.6bn, down by 6% -2% at constant exchange rates  Double-digit growth in the Americas partly offsetting lower sales in Asia Pacific and Japan  Slightly lower retail and wholesale sales, relative 25% outperformance of online at c

  15. Slide 15: SWM: Innovating While Navigating Through The Cycle

    H1-26 SWM|INNOVATING WHILE NAVIGATING THROUGH THE CYCLE › Mixed performances across Maisons, reflecting regional exposure; maintained discipline of Sell-In / Sell-Out ratio, at 100% over 12 months › Novelties built on strong heritage and craftsmanship  A. Lange & Söhne | Odysseus Honeygold  IWC |

  16. Slide 16: Other: Resilience In Sales And Solid Q2 Momentum

    H1-26 OTHER|RESILIENCE IN SALES AND SOLID Q2 MOMENTUM › Sales of €1.3bn, down 1% +2% at constant exchange rates  Growth of sales in Europe and encouraging signs in the Americas, two key markets for the business area  Slight increase in both retail and wholesale 36% +9%  Modest growth at F&A Maiso

  17. Slide 17: Other: Continuing The Path Of Heightened Creativity

    H1-26 OTHER|CONTINUING THE PATH OF HEIGHTENED CREATIVITY › Sustained success and brand heat at Alaïa, led by icons La Ballerine and Le Teckel › Continued solid performance at Peter Millar on lifestyle positioning › Improved momentum at Chloé, led by ready-to-wear; strategy to reconnect with its root

  18. Slide 18: Financials

    Financials AT RICHEMONT We Cratt the Futave

  19. Slide 19: Gross Profit

    H1-26 GROSS PROFIT › Gross profit up 2% to €6.9bn › Gross margin of 65.3%, down 190bps or 10bps at constant exchange rates  Higher production costs reflecting: › Raw material cost inflation (notably gold) partly mitigated by positive lag effect from existing inventory levels › Initial effect from i

  20. Slide 20: Operating Expenses

    H1-26 OPERATING EXPENSES|EFFECTIVE COST CONTROL › Operating expenses stable in value, up by 3% at constant rates › 43.1% of sales, down 220bps vs prior-year period; positive flow-through 0% +68 from higher sales 4 581  Controlled Selling & Distribution expenses up 3% or +6% at constant 4 565 -34 -1

  21. Slide 21: Operating Profit

    H1-26 OPERATING PROFIT › Operating profit of €2.4bn, 22.2% of sales, up by 30bps  +7% at actual exchange rates and +24% at constant exchange rates  Strong sales growth and cost discipline mitigating impact of external headwinds in H1 +30bps 22.2% 21.9% H1-25 Gross Margin OPEX excl. Communication F

  22. Slide 22: Net Finance Costs

    H1-26 NET FINANCE COSTS › €15m reduction in net finance costs to €158m  €162m higher net foreign exchange losses on monetary items  €129m negative impact from lower fair value adjustments than in the prior-year period  More than offset by a €326m increase in net gains on FX hedging activities 6 m

  23. Slide 23: Discontinued Operations

    H1-26 DISCONTINUED OPERATIONS › Sales of €82m reflect YNAP sales until the completion of the transaction on 24 April 2025 › Profit for the period at €17m, improved against a €1.3bn loss in H1-25 that included a €1.2bn non-cash write down upon the sale of YNAP 6 months €m Sept 25 Sept 24 Change Reven

  24. Slide 24: Profit For The Period

    H1-26 PROFIT FOR THE PERIOD › Profit from continuing operations for the period of €1.8bn, up by 4% › Increase in profit for the period by €1.4bn reflecting the inclusion, in the prior-year period, of the €1.2bn non-cash write down from discontinued operations linked to the sale of YNAP 6 months €m S

  25. Slide 25: Cash Flow From Operating Activities

    H1-26 CASH FLOW FROM OPERATING ACTIVITIES › Cash flow from operating activities of €1.9bn, an increase of €0.6bn  Higher operating profit  Lower working capital needs, mostly reflecting › Controlled inventory consumption, particularly at Jewellery Maisons following strong sales growth and discipli

  26. Slide 26: Capital Expenditure

    H1-26 CAPITAL EXPENDITURE › Stable Capex at €0.4bn  Higher share dedicated to distribution and manufacturing  3.6% of sales 55% 30% 15% Cartier – Melbourne Distribution Manufacturing Other Double-digit increase Continued expansion Disciplined vs prior year, of manufacturing investments in mostly d

  27. Slide 27: Free Cash Flow

    H1-26 FREE CASH FLOW › Free cash flow of €1.0bn, up by €0.8bn  €0.6bn from the increase in cash flow from operating activities  €0.2bn from non-recurrence of prior-year acquisition of investment property 6 months €m Sept 25 Sept 24 Change Cash flow from operating activities 1 854 1 249 +605 Net ac

  28. Slide 28: Balance Sheet Strength

    BALANCE SHEET STRENGTH €41.4bn €41.4bn Fixed assets 24% Other non-current 7% 54% Total equity assets Inventory 23% Other current assets 5% Investments in 22% Non-current liabilities money market and 23% externally managed funds 24% Current liabilities Cash 18%

  29. Slide 29: Conclusion

    Conclusion AT RICHEMONT We Craft the Futave

  30. Slide 30: Building Long-Term Value Amidst Macroeconomic Challenges

    H1-26 CONCLUSION BUILDING LONG-TERM VALUE AMIDST MACROECONOMIC CHALLENGES › Solid results and strong sales growth in a complex environment › Continued investment in Maisons’ long-term success › External challenges and uncertainties to remain, requiring continued discipline and agility › Full confide

  31. Slide 31: Q&A

    Q&A AT RICHEMONT We Craft the Fudtanve

  32. Slide 32: Appendix

    Appendix AT RICHEMONT We Craft the Fide

  33. Slide 33: Financial Highlights

    H1-26 FINANCIAL HIGHLIGHTS › Sales (€m) › Gross Profit (€m) › Operating Profit (€m) ∆ c.r. ∆ a.r. Margin ∆ a.r. Margin ∆ a.r. H1-26 10 619 +10% +5% H1-26 6 939 65.3% +2% H1-26 2 358 22.2% +7% H1-25 10 077 0% -1% H1-25 6 771 67.2% -3% H1-25 2 206 21.9% -17% H1-24 10 221 +12% +6% H1-24 6 973 68.2% +5%

  34. Slide 34: Sales By Product Line

    H1-26 SALES BY PRODUCT LINE Actual Constant 6 months €m Sept 25 Sept 24 rates rates Jewellery 5 702 5 281 +8% +13% Watches 3 456 3 327 +4% +8% Leather goods and accessories 490 526 -7% -4% Clothing 456 417 +9% +14% Writing Instruments 185 203 -9% -5% Other 330 323 +2% +5% Total sales 10 619 10 077 +

  35. Slide 35: Operating Result By Business Area

    H1-26 OPERATING RESULT BY BUSINESS AREA 6 months €m Sept 25 Sept 24 Change Jewellery Maisons 2 539 2 333 +9% Specialist Watchmakers 50 160 -69% Other -42 -52 +19% Operating result 2 547 2 441 +4% Valuation adjustments on acquisitions -20 -30 -33% Corporate costs -169 -205 -18% Central support servic

  36. Slide 36: Summary Balance Sheet And Inventory

    SUMMARY BALANCE SHEET AND INVENTORY at 30 September €m 2025 2024 Non-current assets 13 019 11 884 Current assets 28 424 30 466 Non-current liabilities 9 109 10 289 Current liabilities 10 079 12 077 Equity attributable to owners of the parent company 22 188 19 917 Non-controlling interests 67 67 Equi

  37. Slide 37: Retail Network

    H1-26 RETAIL NETWORK Net change Sept 25 March 25 Total Jewellery Maisons 518 509 +9 Cartier 275 275 - Van Cleef & Arpels 176 168 +8 Buccellati 52 49 +3 Total boutiques Vhernier 15 17 -2 2 410 (-26) Specialist Watchmakers 918 932 -14 IWC 234 232 +2 Panerai 177 184 -7 Jaeger-LeCoultre 172 177 -5 of wh

  38. Slide 38: Hedging

    HEDGING › 70% of our forecasted net foreign currency cash flow exposure, arising primarily in AED, HKD, JPY, SGD, USD and CNY, is hedged vs CHF and EUR* on a 12-month rolling basis › In the case of USD, the net exposure takes into account purchases of precious metals and precious stones (which are u

  39. Slide 39: Definitions

    DEFINITIONS › Movements at constant exchange rates are calculated by translating underlying sales and operating profit in local currencies into euros in both the current period and the comparative periods at the average exchange rates applicable for the financial year ended 31 March 2025 › Any long

  40. Slide 40: Brands

    Buccellati • Cartier • Van Cleef & Arpels • Vhernier A. Lange & Söhne • Baume & Mercier • IWC • Jaeger-LeCoultre • Panerai • Piaget • Roger Dubuis • Vacheron Constantin Alaïa • Chloé • Delvaux • dunhill • G/FORE • Gianvito Rossi • Montblanc • Peter Millar • Purdey • Serapian • TimeVallée • Watchfind

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