Luis Singlehurst
Analyst, Goldman Sachs
Replay available
LVMH Moët Hennessy - Louis Vuitton (LVMHF) Q2 2025 Earnings Call
LVMH Moët Hennessy - Louis Vuitton (OTC: LVMHF) Q2 2025 earnings conference call, held 2025-07-24. Replay captured from the company's public earnings webcast.
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Replay transcript excerpt
WEBVTT 00:00:01.364 -- 00:00:05.329 Welcome to our H1 results conference call. 00:00:05.329 -- 00:00:10.636 I'm here with Rodolphe. We are very happy to have you with us and we will 00:00:10.636 -- 00:00:15.923 start now. What we'll do is I will start with the key highlights, then Rodolphe 00:00:15.923 -- 00:00:21.010 will give you a bit more details in terms of the divisions and 00:00:21.010 -- 00:00:26.197 activities performance. Then I'll go through the key numbers and we will open for 00:00:26.197 -- 00:00:31.525 Q&A. Maybe before we start, I invite you to go to page 00:00:31.525 -- 00:00:35.993 two and read the Safe Harbor Statement. 00:00:35.993 -- 00:00:40.297 So I give you a few seconds to do that. 00:00:44.528 -- 00:00:49.660 And then I propose we start with slide three. 00:00:49.660 -- 00:00:54.754 LVMA showed good resilience in the first half of 2025, 00:00:54.754 -- 00:01:00.450 recording 40 billion in revenue, down 3% on an organic basis, 00:01:00.450 -- 00:01:04.662 with disparities by region, as I will explain later. 00:01:04.662 -- 00:01:09.128 In term of profit, the profit from recurring operations 00:01:09.128 -- 00:01:15.436 is 9 billion euros, down 15% versus the first half of 2024, 00:01:15.436 -- 00:01:20.661 although operating margin remains excellent at 22.6%, 00:01:21.004 -- 00:01:26.431 which is 150 basis points above the first half of 2019. 00:01:26.431 -- 00:01:31.664 Finally, very strong financial situation with the free cash flow increasing 00:01:31.664 -- 00:01:36.792 to 4 billion euros and gearing at 15.2. Turning 00:01:37.258 -- 00:01:42.431 to slide 4, a few qualitative comments on the key highlights of this 00:01:42.431 -- 00:01:47.457 first half. The start of the year has been disrupted by several 00:01:47.457 -- 00:01:52.625 layer...