Hermes International Sca · EURONEXT:RMS
Hermes International Sca — Hermès International Société — FY2025 Earnings Presentation
37 slides from Hermes International Sca's earnings presentation, Feb 12, 2026
Slide 1: 2025 Full-Year Results
2025 Full-Year Results 1
Slide 2: Performance of the Responsible Craftsmanship Model
PERFORMANCE OF THE RESPONSIBLE CRAFTSMANSHIP MODEL VERTICAL AUDACIOUS INTEGRATION AND CREATIVITY AND LOCAL ANCHORING EXCEPTIONAL REVENUE 55% of objects made in in-house and SAVOIR-FAIRE exclusive workshops €16.0 BILLION A bold style and uncompromising +9% at constant quality 4 leather goods workshop
Slide 3: 2025 Full-Year Results
2025 Full-Year Results 3
Slide 4: Bold Creation
BOLD CREATION • Enrichment of the leather goods collection with the models So Médor, Seau Mousqueton and Haut à Courroies à relier • Highly successful women’s and men’s ready-to-wear collections • Dynamic formats and designs of the silk collections • Bold style with the jewellery line Adage • Succes
Slide 5: Development of Production Capacities
DEVELOPMENT OF PRODUCTION CAPACITIES • Opening of the 24th leather goods workshop: › L’Isle-d’Espagnac (Charente) in September • Four ongoing leather goods workshop projects: › Loupes (Gironde), scheduled in 2026 › Charleville-Mézières (Ardennes), scheduled in 2027 › Colombelles (Calvados), schedule
Slide 6: An Exclusive and Integrated Distribution Network
AN EXCLUSIVE AND INTEGRATED DISTRIBUTION NETWORK • Strengthening of the multilocal and omnichannel distribution network • Opening of new stores: › Scottsdale (United States) › Nashville (United States) • Expansion and renovation of stores, notably: › Florence (Italy) and Knokke (Belgium) › Mexico (M
Slide 7: Singular Communication
S I N G U L A R C O M M U N I C AT I O N • Presenting Hermès: › Hermèstories in Milan › Hermès in the Making in Shenzhen, Istanbul and Taipei › Mystery at the Grooms’ in New York and Tokyo › Saut Hermès at the Grand Palais in Paris • Rediscovering the 16 métiers of the house: › Haute Bijouterie even
Slide 8: Responsible and Sustainable Development
RESPONSIBLE AND SUSTAINABLE DEVELOPMENT
Slide 9: A Sustainable and Responsible Business Model
A SUSTAINABLE AND RESPONSIBLE BUSINESS MODEL PEOPLE AT THE HEART ENVIRONMENTAL LOCAL OF OUR VALUES STRATEGY ANCHORING SHARING CLIMATE CREATION OF VALUE COMMITMENT LOCAL JOBS €243m €3,000 -69% -58% 100% Nearly 6,200 x5.4 incentive schemes and Bonus for all employees of scopes 1 and 2 of scope 3 of re
Slide 10: L'Isle-d'Espagnac Workshop: A Model of Responsible Real Estate
L’ISLE-D’ESPAGNAC WORKSHOP: A MODEL OF RESPONSIBLE REAL ESTATE • Strong local anchoring in support of employment › Creation of long-term jobs and contribution to the dynamism of local economies › Transmission of craftsmanship through the École Hermès des savoir-faire › Local partnerships supporting
Slide 11: Recognised Social, Societal and Environmental Performance
RECOGNISED SOCIAL, SOCIETAL AND ENVIRONMENTAL PERFORMANCE GLOBAL EVALUATIONS THEMATIC EVALUATIONS A "A List" Grand Prix Emploi B- France 2025 Grand Prix Low Risk CAC Large 60 64/100 2025 Full-Year Results 11
Slide 12: 2025 Full-Year Results
2025 Full-Year Results 12
Slide 13: Activity
ACTIVITY • Revenue in 2025 reached €16 billion (+9% at constant exchange rates and +5.5% at current exchange rates). › All the geographical areas and all the sectors, except the Perfume and Beauty and Watches métiers, showed solid momentum, supported by the house’s value strategy. • Sales in the fou
Slide 14: 2025 Full-Year Results
2025 Full-Year Results 14
Slide 15: Revenue by Geographical Area
REVENUE BY GEOGRAPHICAL AREA DEZOOMER Change at in €m 2025 constant rates France 1,575 9% Europe (excl. France) 2,362 11% EUROPE 3,937 10% Japan 1,591 14% Asia-Pacific (excl. Japan) 6,702 5% ASIA 8,293 7% Americas 3,075 12% Other (Middle East) 697 15% TOTAL 16,002 9% 2025 Full-Year Results 15
Slide 16: Revenue by Geographical Area
REVENUE BY GEOGRAPHICAL AREA 2025 / 2024 Japan France 10% / 9% 10% / 10% Europe (excl. France) 15% / 14% Asia-Pacific (excl. Japan) 42% / 44% Americas 19% / 19% Other (Middle East) 4% / 4% 2025 Full-Year Results 16
Slide 17: 2025 Full-Year Results
2025 Full-Year Results 17
Slide 18: Revenue by Sector
REVENUE BY SECTOR Change at in €m 2025 constant rates Leather Goods and Saddlery 7,070 13% Ready-to-wear and Accessories 4,525 6% Silk and Textiles 964 5% Other Hermès sectors 2,055 11% Perfume and Beauty 489 (8)% Watches 549 (2)% Other products 349 6% TOTAL 16,002 9% 2025 Full-Year Results 18
Slide 19: Revenue by Sector
REVENUE BY SECTOR 2025 / 2024 Watches 4% / 4% Other products Perfume and Beauty 2% / 2% 3% / 4% Other Hermès sectors 13% / 12% Leather Goods and Saddlery 44% / 43% Silk and Textiles 6% / 6% Ready-to-wear and Accessories 28% / 29% 2025 Full-Year Results 19
Slide 20: 2025 Full-Year Results
2025 Full-Year Results 20
Slide 21: 2025 Full-Year Results
2025 Full-Year Results 21
Slide 22: Consolidated Income Statement (1/2)
CONSOLIDATED INCOME STATEMENT (1/2) in €m 2025 % revenue 2024 % revenue Revenue 16,002 15,170 Cost of sales (4,623) (4,511) Gross margin 11,379 71.1% 10,660 70.3% Communication (620) (3.9)% (637) (4.2)% Other sales and administrative expenses (3,084) (19.3)% (2,932) (19.3)% Other income and expenses
Slide 23: Recurring Operating Profitability Evolution
RECURRING OPERATING PROFITABILITY EVOLUTION in % of revenue * * * Before IFRS16 2025 Full-Year Results 23
Slide 24: Consolidated Income Statement (2/2)
CONSOLIDATED INCOME STATEMENT (2/2) in €m 2025 % revenue 2024 % revenue Operating income 6,569 41.0% 6,150 40.5% Net financial income 207 283 Income tax (2,263) (1,845) In % of income before tax 33.4% 28.7% Net income from associates 47 44 Non-controlling interests (36) (28) Net income attributable
Slide 25: Net Profitability Evolution
NET PROFITABILITY EVOLUTION in % of revenue *** * ** * 22.7% restated for the capital gain on the disposal of the Galleria in Hong Kong in 2018 ** 20.3% restated for a non-current gain relating to the deconsolidation of Shang Xia in 2020 *** Excluding exceptional contribution 2025 Full-Year Results
Slide 26: An Outstanding Performance in 2025
AN OUTSTANDING PERFORMANCE IN 2025 Sales CAGR* over 10 years +12.7% Net income CAGR* over 10 years +16.6% ** * CAGR: Compound Annual Growth Rate ** Excluding exceptional contribution 2025 Full-Year Results 26
Slide 27: 2025 Full-Year Results
2025 Full-Year Results 27
Slide 28: Operating Investments
OPERATING INVESTMENTS Production and divisions €226 million Total Real estate and group projects €1,161 million €166 million Stores and distribution €769 million 2025 Full-Year Results 28
Slide 29: Restated Cash-Flow Statement
RESTATED CASH-FLOW STATEMENT in €m 2025 2024 Operating cash flows* 5,607* 5,378 Change in working capital (233) (239) Cash flows related to operating activities 5,374 5,139 Operating investments (1,161) (1,067) Repayment of lease liabilities (332) (305) Adjusted free cash flow 3,880 3,767 Financial
Slide 30: 2025 Full-Year Results
2025 Full-Year Results 30
Slide 31: Simplified Balance Sheet
SIMPLIFIED BALANCE SHEET in €bn Assets Liabilities 24.3 24.3 23.1 23.1 Non-current assets Inventories Shareholders’ equity Other current assets Cash Non-current liabilities Current liabilities 2025 Full-Year Results 31
Slide 32: Evolution of the Dividend per Share
EVOLUTION OF THE DIVIDEND PER SHARE Exceptional dividend In € per share + €5.00 + €10.00 + €10.00 * Ordinary dividend for the period In € per share * Subject to approval by the General Meeting of 17 April 2026, including €5 interim dividend paid on 18 February 2026 2025 Full-Year Results 32
Slide 33: 2025 Full-Year Results
2025 Full-Year Results 33
Slide 34: Outlook
OUTLOOK • In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. • In a still uncertain economic and geopolitical context, the group has moved into 2026 with confidence, t
Slide 35: 2026: Venture Beyond
2 0 2 6 : V E N T U R E B E YO N D • Continued job creation in France and worldwide • Opening of the leather goods workshop in Loupes (Gironde) • Continued strategic investments in production capacities in all the métiers • Store openings and expansions, notably in London (United Kingdom), Berlin (G
Slide 36: 2025 Full-Year Results
2025 Full-Year Results 36
Slide 37: 2025 Full-Year Results
2025 Full-Year Results 37
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