LVMH Moët Hennessy - Louis Vuitton (LVMHF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening. I'm delighted to present to you the figures for 2025. To begin with, a good piece of news. I think we'll make it through the winter. The commentators had concerns, especially some journalists. I believe we can say more seriously that the results of the group are solid in a rather challenging, disrupted climate economically from the geopolitical standpoint. But we've managed to... get through this period 2026 won't be simple either but one thing at a time so revenue just over 80 billion let's states that it's twice what it was 10 years ago. Organic growth slightly negative on the year, but positive in the second half. CFO will tell you more about the figures. Operating margin at 22%, way above the average of the last 20 years. years, a negative foreign exchange impact, an impact that I don't think is going to improve this year for various reasons, and an economic context that is changing swiftly, disrupted, sometimes unforeseeable, and in spite of that, through management efforts and I'd like to thank the executive committee that is with us here this evening for the efforts undertaken both in order to expand the business and to contain cost because and this is metric that is key for us cash flow is up and in spite of everything that is thrown at us, including the taxes that were said to disappear, but unfortunately won't disappear. We can return to that if there are questions. But operating free cash flow reaches 11.3 billion. You'll see looking in greater detail the figures that we have an improvement in the trend across our activities and this is maintained by the strong desirability of our brands. Numerous initiatives taken across our businesses I'd cite here in no particular order Vuitton with Pietro Beccari, who has been heading up that business for...