Christian Dior : Annual report as of December 31, 2025

About this update from Christian Dior Se

Annual Report as of December 31, 2025 Combined Shareholders' Meeting April 23, 2026 Chairman's message 2 History 4 Executive and Supervisory Bodies; Statutory Auditors as of December 31, 2025 5 Financial highlights 6 Business overview, highlights and outlook 9 Wines and Spirits 10 Fashion and Leather Goods 13 Perfumes and Cosmetics 16 Watches and Jewelry 19 Selective Retailing 21 Other activities 23 Sustainability Report 25 General information 27 Environment 59 Social 143 Governance 193 Appendices 211 Report on the certification of sustainability reporting and environmental taxonomy disclosures 227 Risk factors and management 233 Risk factors 234 Insurance policy 246 Assessment and control procedures in place 247 Vigilance Plan 254 Corporate governance 273 Administrative and management bodies 275 Compensation of company officers 293 Additional information 304 Business and financial review for the fiscal year 307 The Group 307 Christian Dior SE 321 Consolidated financial statements 325 Consolidated income statement 326 Consolidated statement of comprehensive gains and losses 327 Consolidated balance sheet 328 Consolidated statement of changes in equity 329 Consolidated cash flow statement 330 Consolidated companies 391 Companies not included in the scope of consolidation 399 Statutory Auditors' report on the consolidated financial statements 400 Parent company financial statements: Christian Dior 405 Balance sheet 406 Income statement 408 Cash flow statement 410 Notes to the parent company financial statements 411 Subsidiaries and equity investments 417 Company results over the last five fiscal years 418 Statutory Auditors' report on the parent company financial statements 419 Statutory Auditors' special report on related-party agreements 423 Information about the issuer 425 Information regarding the parent company 426 Share capital 427 Breakdown of share capital and voting rights 440 Treasury shares and share buybacks 442 Market for financial instruments issued by Christian Dior 443 Statement by the person responsible for the Annual Report 447 As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component figures. This document is a free translation into English of the original French "Rapport annuel", hereafter referred to as the "Annual Report". It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. Annual Report as of December 31, 2025 ‌Chairman's message 2025 continued to lay the groundwork for an ever more desirable future. This past year, the Group delivered a very solid performance despite a disrupted environment, with free cash flow in particular surging to over 11 billion euros, reflecting our long-term solidity. Our objective remains the same: to make each of our products and brands ever more desirable. We have a team of designers - unquestionably the world's very best - to help us achieve this goal. Our team has continued to evolve with the arrival of Jonathan Anderson at Dior, Michael Rider at Celine, the McCollough-Hernandez duo at Loewe, and Maria Grazia Chiuri, who recently took over as Creative Director at Fendi. These exceptionally talented designers bring incomparable value to our Group, as demonstrated by the universal acclaim Jonathan Anderson has received worldwide. Just as they are at Dior, innovation and creativity are more vibrant than ever at Louis Vuitton thanks to the talent of Nicolas Ghesquière and Pharrell Williams. The huge success of "The Louis" - a museum and store in the form of a cruise ship in the heart of Shanghai -once again demonstrates this exceptional Maison's ability to craft distinctive, bold and innovative spaces, captivating a vast array of visitors from all over Asia. Wines and spirits - including our prestigious, world-leading high-end brands in champagne and cognac - were affected by the disrupted economic environment. They naturally remain a resilient source of long-term value. Dynamic new management with a wealth of experience from within our Group has revised the strategy and organization to adapt to market developments. I am very confident about the progress that will be made. New possibilities for our business activities lie ahead in this area, where we are the global leader in both champagne and cognac. Our businesses gained market share in fragrances and beauty products in 2025. Leading the field is Christian Dior, with Sauvage the top fragrance worldwide. Dior is also the market leader in makeup. Picture this: someone somewhere in the world buys a Christian Dior lipstick every 2 seconds! Guerlain is holding its own, leading all of the Maisons worldwide through its innovations and the enduring success of its iconic products. Watches and jewelry offer a deep well of potential for our Group. In 2025, TAG Heuer served as Official Timekeeper for the Formula 1 Grand Prix for the first time. All the Group's watchmaking brands continued their quest for innovation and quality, in particular with L a Fabrique du Temps, a Louis Vuitton-owned workshop that ranks among the world's top watchmaking facilities. In jewelry, where the Group is a global leader, Tiffany continued its highly successful development in high jewelry and its iconic gold jewelry, and Bvlgari went from strength to strength. None of this would be possible without our talented teams. All our employees are working with renewed determination to enhance the desirability of each of our Maisons and products, backed by the Group's initiatives to train and recruit the very best craftspeople. The Institut des Métiers d'Excellence (IME) training program reflects our commitment to passing on traditional craft skills, with more than 3,800 apprentices trained since its launch. And once again in 2025, LVMH was France's largest private-sector recruiter. Meanwhile, our efforts to protect the environment were recognized with a Triple A score from the Carbon Disclosure Project, attesting to the efficacy of our sustainability program. The Christian Dior Group's model is based on the diversity of its businesses and its wide geographic footprint. It has once again demonstrated its effectiveness and robustness. In a shifting, unstable economic and geopolitical environment, some of our Maisons -such as Sephora, the global leader in selective sales of perfumes and cosmetics - are experiencing strong, steady growth. More broadly, our success in certain regions, such as the United States, is making up for temporary difficulties in regions that are, for the time being, less dynamic. The Group effectively manages its margins and generates exceptional investment capacity. Christian Dior is also a family group which, by definition and by choice, has a long-term vision. Agache, which holds our family's stake in the Group, has maintained its sustained investment in LVMH shares, which it began in 1987, with its stake in the Group recently moving above the 50% mark. And as our shareholders, you have also chosen to be part of the exceptional experience that is the Christian Dior Group. Thank you. Bernard Arnault Chairman of the Board of Directors ‌History The history of Christian Dior began in 1946, when Monsieur Christian Dior started his own haute couture establishment in a townhouse at 30 Avenue Montaigne in Paris, where the Company still has its headquarters. In 1984, the Boussac group - which owned Christian Dior at the time - was acquired by Bernard Arnault in association with a group of investors. In 1988, through one of its subsidiaries, Christian Dior took a 32% stake in LVMH, an ownership interest that would be gradually increased over the years. This stake has now reached 42%, giving Christian Dior 56% of the voting rights of LVMH as of December 31, 2025, while the Arnault family group also held 8% of the share capital and 10% of the voting rights of LVMH as of this same date. The Christian Dior Group - which therefore includes LVMH and its subsidiaries - was formed through successive alliances among companies that, from generation to generation, have successfully combined traditions of excellence and creative passion with a cosmopolitan flair and a spirit of conquest. These companies now form a powerful, global Group in which the historic companies share their expertise with the newer brands, and continue to cultivate the art of growing while transcending time, without losing their soul or their image of distinction. From the 14th century to the present 14th century 1365 Le Clos des Lambrays 1947 Parfums Christian Dior 16th century 1593 Château d'Yquem 1949 Emilio Pucci Paris Match 18th century 1729 Ruinart 1743 Moët & Chandon 1765 Hennessy 1772 Veuve Clicquot 1780 Chaumet 1952 Givenchy Connaissance des Arts 1955 Château Galoupet Vuarnet 19th century 1803 Officine Universelle Buly 1959 Chandon 1815 Ardbeg 1960 DFS 1817 Cova 1969 Sephora 1828 Guerlain Gérald Genta 1832 Château Cheval Blanc 1970 Kenzo 1837 Tiffany & Co. 1972 Perfumes Loewe 1839 L'Epée 1839 1973 Joseph Phelps 1843 Krug 1974 Investir-Le Journal des Finances Glenmorangie 1976 Benefit Cosmetics 1846 Loewe Belmond 1849 Royal Van Lent 1980 Hublot 1852 Le Bon Marché 1983 Radio Classique 1854 Louis Vuitton Ole Henriksen 1858 Mercier 1984 Marc Jacobs 1860 TAG Heuer Make Up For Ever Jardin d'Acclimatation 1985 Cloudy Bay 1865 Zenith 1988 Kenzo Parfums 1870 La Samaritaine Daniel Roth 1957 Parfums Givenchy Repossi 20th century 1908 Les Echos 1914 Patou 1923 La Grande Épicerie de Paris 21st century 2006 Armand de Brignac 1924 Loro Piana Chez L'Ami Louis Château d'Esclans Maisons Cheval Blanc 1925 Fendi 2007 Barton Perreira 1936 Dom Pérignon 2009 Maison Francis Kurkdjian Fred 2010 Woodinville Minuty 2013 Ao Yun 1944 Le Parisien-Aujourd'hui en France 2017 Fenty Beauty by Rihanna 1945 Celine Volcán de mi Tierra 1946 Christian Dior Couture 2020 Eminente 2024 SirDavis 1916 Acqua di Parma 1996 Terrazas de los Andes 1884 Bvlgari 1991 Fresh 1895 Berluti 1992 Colgin Cellars 1898 Rimowa 1993 Belvedere 1998 Bodega Numanthia 1999 Cheval des Andes ‌Executive and Supervisory Bodies; Statutory Auditors as of December 31, 2025 Board of Directors Bernard ARNAULT (1) Chairman of the Board of Directors Antoine ARNAULT (1) Vice-Chairman and Chief Executive Officer Delphine ARNAULT Nicolas BAZIRE Hélène DESMARAIS (2) Ségolène GALLIENNE (2) Christian de LABRIFFE (2) Maria Luisa LORO PIANA (1) Advisory Board member Jaime de MARICHALAR y SÁENZ de TEJADA Performance Audit Committee Christian de LABRIFFE (2) Chairman Nicolas BAZIRE Hélène DESMARAIS (2) Governance & Compensation Committee Hélène DESMARAIS (2) Chairman Nicolas BAZIRE Christian de LABRIFFE (2) Statutory Auditors Deloitte & Associés represented by Guillaume Troussicot BDO Paris represented by Sébastien Haas Statutory Auditor in charge of certifying sustainability information Deloitte & Associés represented by Guillaume Troussicot Renewal of term of office proposed at the Shareholders' Meeting of April 23, 2026. Independent Director. ‌Financial highlights Key consolidated data (EUR millions and as %) 2025 2024 2023 Revenue 80,807 84,683 86,153 Gross margin 53,528 56,765 59,277 Gross margin as a percentage o/ revenue 66% 67% 69% Profit from recurring operations 17,750 19,565 22,796 Current operating margin as a percentage o/ revenue 22.0% 23.1% 26.5% Net profit, before minority interests 11,167 12,908 15,921 Net profit, minority interests' share 6,636 7,700 9,617 Net profit, Group share 4,531 5,208 6,304 Cash from operations before changes in working capital 24,934 27,212 29,511 Operating investments 4,567 5,531 7,478 Operating free cash flow (a) 11,319 10,473 8,101 Equity, Group share 24,527 24,294 21,527 Minority interests 42,010 42,558 38,766 Total equity 66,537 66,852 60,293 Net financial debt (b) 6,663 9,058 10,548 Net financial debt/Total equity ratio 10.0% 13.5% 17.5% See the consolidated cash flow statement in the consolidated financial statements for the definition of "Operating free cash flow". Excluding "Lease liabilities" and "Purchase commitments for minority interests' shares", which are recognized as either "Other current liabilities" or "Other non-current liabilities", depending on the specific case. Data per share (EUR) 2025 2024 2023 Earnings per share Basic Group share of earnings per share 25.12 28.87 34.94 Diluted Group share of earnings per share 25.11 28.86 34.93 Dividend per share Interim 6.05 5.50 5.50 Final 8.25 7.50 7.50 Gross amount paid for fiscal year (a) 14.30 (b) 13.00 13.00 Gross amount excluding the impact of tax regulations applicable to recipients. For fiscal year 2025, amount proposed at the Shareholders' Meeting of April 23, 2026. Information by business group Change in revenue by business group (EUR millions and as %) 2025 2024 Reported Change Organic (a) 2023 Wines and Spirits 5,358 5,862 -9% -5% 6,602 Fashion and Leather Goods 37,770 41,060 -8% -5% 42,169 Perfumes and Cosmetics 8,174 8,418 -3% 0% 8,271 Watches and Jewelry 10,486 10,577 -1% +3% 10,902 Selective Retailing 18,348 18,262 0% +4% 17,885 Other activities and eliminations 671 504 - - 324 Total 80,807 84,683 -5% -1% 86,153 On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to 2024 was negligible and the impact of exchange rate fluctuations was -3%. The principles used to determine the impact of exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the impact of changes in the scope of consolidation are described on page 311. Profit from recurring operations by business group (EUR millions) 2025 2024 2023 Wines and Spirits 1,016 1,356 2,109 Fashion and Leather Goods 13,209 15,230 16,836 Perfumes and Cosmetics 727 671 713 Watches and Jewelry 1,514 1,546 2,162 Selective Retailing 1,780 1,385 1,391 Other activities and eliminations (496) (623) (415) Total 17,750 19,565 22,796 Information by geographic region Revenue by geographic region of delivery (as %) 2025 2024 2023 France 8 8 8 Europe (excl. France) 18 17 17 United States 26 25 25 Japan 8 9 7 Asia (excl. Japan) 26 28 31 Other markets 14 13 12 Total 100 100 100 Revenue by invoicing currency (as %) 2025 2024 2023 Euro 21 21 20 US dollar 29 28 28 Japanese yen 8 9 7 Hong Kong dollar 3 2 3 Other currencies 39 40 42 Total 100 100 100 Geographic breakdown of stores Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 France 539 553 550 Europe (excl. France) 1,255 1,254 1,213 United States 1,232 1,193 1,128 Japan 520 510 497 Asia (excl. Japan) 1,905 2,019 2,003 Other markets 832 778 706 Total 6,283 6,307 6,097 ‌Business overview, highlights and outlook Wines and Spirits 10 Wines and Spirits brands 10 Competitive position 10 Primary production methods, supply sources and subcontracting 11 Distribution 12 Highlights of 2025 and outlook for 2026 12 Fashion and Leather Goods 13 Fashion and Leather Goods brands 13 Competitive position 13 Design 14 Supply sources, manufacturing and subcontracting 14 Distribution 14 Highlights of 2025 and outlook for 2026 15 Perfumes and Cosmetics 16 Perfumes and Cosmetics brands 16 Competitive position 17 Research 17 Supply sources, production and subcontracting 17 Distribution and communication 17 Highlights of 2025 and outlook for 2026 18 Watches and Jewelry 19 Watches and Jewelry brands 19 Competitive position 19 Design, supply sources, manufacturing and subcontracting 19 Distribution 20 Highlights of 2025 and outlook for 2026 20 Selective Retailing 21 Competitive position 21 Distribution and digitalization 22 Highlights of 2025 and outlook for 2026 22 Other activities 23 ‌Wines and Spirits In 2025, revenue for the Wines and Spirits business group accounted for 7% of the Christian Dior Group's total revenue. Champagne and wines made up 58% of this revenue, while cognac and spirits accounted for 42%. Wines and Spirits brands Moët & Chandon, Dom Pérignon, Ruinart, Krug, Veuve Clicquot, Hennessy, Château d'Yquem, Glenmorangie, Clos des Lambrays… The origins of all these world-famous estates are inextricably linked to the appellations and terroirs of the Competitive position Champagne In 2025, shipments of Group champagne brands were down 4.3% from 2024, while shipments from the Champagne region decreased by 2.2% (source: CIVC). The Group's market share world's most prestigious wines and spirits. Whether they are in Champagne, Bordeaux or other wine regions, these Maisons - many of which date back more than a century - all share a powerful culture of excellence. thus amounted to 22.1% of total shipments, compared to 22.6% in 2024. Champagne shipments, for the whole Champagne region, break down as follows: 2023 Sales volume Market share (in millions o/ bottles and percentage) 2025 2024 Sales volume Market share Region Group (%) 118 8 6.8 153 53 34.8 271 61 22.6 France Export Sales volume Market share Region Group (%) 114 8 6.6 152 51 33.8 Total 266 59 22.1 Region Group (%) 127 9 7.1 172 59 34.6 299 68 22.9 (Source: Comité Interprofessionnel du Vin de Champagne - CIVC). Cognac In 2025, volumes shipped from the Cognac region were down 15.2% from 2024 (source: BNIC), while volumes of Hennessy shipped saw a sharper decline, down 24.2%. Hennessy's market share of volumes shipped from the Cognac region decreased by 5.7 points to 48% in 2025, from 54% in 2024. The Company remains a leader in cognac and premium international spirits in the United States, China and other important markets for cognac (South Africa, Nigeria, the United Kingdom, etc.). Cognac shipments, in number of bottles, excluding bulk, both for the industry and for the Group, are as follows: (in millions o/ bottles and percentage) 2025 2024 Sales volume Market share Region Group (%) 4 2 42.9 157 85 53.9 161 87 53.7 France Export Sales volume Market share Region Group (%) 4 2 41.9 133 64 48.1 Total 137 66 47.9 2023 Sales volume Market share Region Group (%) (Source: Bureau National Interprofessionnel du Cognac - BNIC). 4 2 36.8 158 77 49.0 162 79 48.7 ‌Primary production methods, supply sources and subcontracting Wines and Spirits Champagne The Champagne appellation covers a defined geographic area classified A.O.C. (Appellation d'Origine Contrôlée) , which covers the 34,000 hectares that can be legally used for production. There are essentially three main types of grape varietals used in the production of champagne: Chardonnay, Pinot Noir and Meunier. The Group owns 1,684 hectares under production, which provide 20% of its annual needs. In addition, the Group's Maisons purchase grapes and wines from winegrowers and cooperatives on the basis of multi-year agreements; the largest supplier of grapes and wines represents less than 10% of total supplies for the Group's Maisons. The Group's champagne houses, along with their partner grape suppliers, are steadily building up their use of sustainable winegrowing practices for Viticulture Durable en Champagne certification. In addition to its effervescence, the primary characteristic of champagne is that it is the result of blending wines from different years and/or different varieties and land plots. The best brands are distinguished by their masterful blend and consistent quality, achieved thanks to the talent of their wine experts. Weather conditions significantly influence the grape harvest from one year to the next. The production of champagne also requires aging in cellars for around two years, or even more for premium, vintage and/or prestige cuvées. To protect themselves against crop variations and manage fluctuations in demand, but also to ensure consistent quality year after year, the Group's champagne houses regularly adjust the quantities available for sale and keep reserve wines in stock, mainly in storage tanks. As maturation times vary, the Group constantly maintains champagne inventories in its cellars for future sales. The making of champagne involves extremely rigorous processes in order to ensure absolute consistency in quality from year to year. Moët & Chandon fully operates its Mont Aigu site, with its vat room, bottling line, cellars, disgorging area and packaging workshop supplementing the production capacity of Moët & Chandon's historic facilities in Épernay. The historic production sites of Veuve Clicquot, Ruinart and Krug are in Reims. Dry materials (bottles, corks, etc.) and all other components of containers and packaging are purchased from non-Group suppliers. In 2025, the champagne houses also used subcontractors for about 44 million euros of services, notably pressing, co-packing, handling and storing bottles. In order to drive innovation and develop expertise in its production processes, the Group inaugurated its research and development facility in Oiry in 2021, which is open to all its Maisons. Cognac The Cognac region is located around the Charente River basin. The vineyard, which currently extends over more than 85,000 hectares, consists almost exclusively of the Ugni Blanc varietal, which yields a wine that produces the best eaux-de-vie . This region is divided into six vineyards, each of which has its own qualities: Grande Champagne, Petite Champagne, Borderies, Fins Bois, Bons Bois and Bois Ordinaires. Hennessy selects its eaux-de-vie essentially from the first four vineyards, where the quality of the wines is more suitable for the preparation of its cognacs. Charentaise distillation is unique because it takes place in two stages: a first distillation (première chauffe) and a second distillation (seconde chauffe) . The eaux-de-vie obtained are aged in oak barrels. Cognac results from the gradual blending of eaux-de-vie selected on the basis of vintage, origin and age. Hennessy - which carries out all of its production in Cognac - inaugurated a state-of-the-art bottling and packaging plant named Pont Neuf in 2017. The design of this 26,000-square-meter facility reduces its environmental footprint and optimizes working conditions to an extent never achieved previously. Most of the cognac eaux-de-vie that Hennessy needs for its production are purchased from a network of approximately 1,600 independent producers, a collaboration which enables the Company to ensure that exceptional quality is preserved as part of an ambitious sustainable winegrowing policy. Hennessy directly operates about 180 hectares, providing for less than 1% of its eaux-de-vie needs. With an optimized inventory of eaux-de-vie , the Maison can manage the impact of price changes by adjusting its purchases from year to year under the contracts with its partners. Hennessy continues to control its purchase commitments and diversify its partnerships to prepare for its future growth across the various quality grades. Like the Champagne and Wine businesses, Hennessy obtains its dry materials (bottles, corks and other packaging) from non-Group suppliers. The barrels and casks used to age the cognac are also obtained from non-Group suppliers. Hennessy makes only very limited use of subcontractors for its core business: aging, blending and bottling eaux-de-vie . ‌Other wines and spirits Outside of champagne and cognac, the Group owns a range of rare brands of spirits and still and sparkling wines whose quality Distribution Moët Hennessy has a powerful and agile global distribution network, thanks to which the Wines and Spirits business group continues to expand the presence of its portfolio of brands in a balanced manner across all geographies. Part of this network consists of joint ventures with the Diageo (1) spirits group, Highlights of 2025 and outlook for 2026 2025 2024 2023 Revenue (EUR millions) 5,358 5,862 6,602 O/ which: Champagne and wines 3,087 3,180 3,461 Cognac and spirits 2,272 2,683 3,141 Sales volume (millions o/ bottles) Champagne 60.1 61.7 66.5 Cognac 74.6 80.8 83.2 Other spirits 20.4 20.8 21.5 Still and sparkling wines 61.9 61.3 61.1 Revenue by geographic region of delivery (%) France 8 7 7 Europe (excl. France) 21 20 20 United States 32 34 32 Japan 7 6 6 Asia (excl. Japan) 16 18 21 Other markets 16 15 14 Total 100 100 100 Profit from recurring operations (EUR millions) 1,016 1,356 2,109 Current operating margin (%) 19.0 23.1 31.9 Highlights 2025 confirmed the slowdown in demand observed since 2023, following several exceptional years. The Wines and Spirits Maisons continued to invest in the long-term desirability of their brands and launched a program aimed at boosting efficiency and reducing costs. The Group's champagne houses held their market share at 22% by volume, and updated their organization to boost efficiency while ensuring each Maison remained in control of its own management. Dom Pérignon launched a new marketing and uniqueness relies on careful production and/or selection of raw materials, as well as long-standing expertise in complex development and aging processes that combine excellence, innovation and tradition. governed by agreements that have been in place since 1987, which help strengthen the positions of the two groups, improve distribution control, enhance customer service and increase profitability by sharing distribution costs. In 2025, 21% of champagne and cognac sales were made through this channel. platform based on its historic links with artists and unveiled a limited edition designed in collaboration with Takashi Murakami. Moët & Chandon rolled out its new brand colors and enjoyed a high-profile presence as a key partner of Formula 1®'s Grand Prix races. It unveiled a limited edition by designer Pharrell Williams and special festive bottles wrapped in red and pink for the end-of-year holiday season. The Maison celebrated Benoît Gouez's 20th anniversary as Cellar Master, presenting an edition comprised of seven outstanding Grand Vintage Collections and a bottle of Collection Impériale Création No. 1 designed for the occasion. Veuve Clicquot maintained its value strategy, with the launch of a new visual identity for its La Grande Dame 2018 cuvée and a creative collaboration with Jacquemus, which had a strong media impact. The Maison continued to roll out its Sun Club strategy, promoting new daytime opportunities to enjoy its products, in particular in Japan, Australia and France, and affirmed its support for women entrepreneurs through its Bold program. Ruinart confirmed the success of its flagship Blanc de Blancs champagne and raised the profile of its beautifully transformed site at 4 Rue des Crayères in Reims with an artistic program featuring Julian Charrière and Sam Falls. In October, Krug unveiled "Every Note Counts", a new musical encounter launched in collaboration with composer Max Richter. In addition, the Maison confirmed the strength of its fundamentals and presented Krug Grande Cuvée 173 e Édition , Krug Rosé 29 e Édition and Krug Clos du Mesnil 2009 . Chandon received unprecedented acclaim for its expertise in sparkling wine and its commitment to sustainable agriculture, winning 86 awards and medals in five major international competitions. Chandon California also received Regenified™ (Level 4) regenerative agriculture certification. Still wines produced by Moët Hennessy Wine Estates performed well in a challenging economic environment. Provence rosé wines continued to outperform the rosé category worldwide. Château d'Esclans confirmed its global leadership, showing good resilience in the United States. Minuty saw a rapid pick-up (1) Diageo has a 34% stake in Moët Hennessy, which is the holding company of the LVMH Group's Wines and Spirits businesses. ‌in its key markets. Cloudy Bay continued to stand out as a benchmark in Sauvignon Blanc wines, achieving exceptional results in all regions. Terrazas de los Andes received excellent ratings from critics for the quality of its wines and confirmed the upmarket strategy of its portfolio. Napa Valley icon Joseph Phelps continued to strengthen its position in the United States with a second "Your Invitation to Acquire" campaign and the launch of its Insignia 2022 vintage. Ao Yun strengthened its position as the best red wine produced in China with the launch of its 2021 vintage. Hennessy celebrated its 260th anniversary. The Maison raised its profile through collaborations with its powerful cultural ambassadors, as seen in the outstanding success of its "The Decision" campaign featuring LeBron James . However, the situation remained challenging in its two main markets - the United States and China - which were also held back by the introduction of new customs restrictions. In South Africa, Hennessy maintained its positive momentum, driven by a new chapter of the "Made for More" campaign. In 2025, the Maison stepped up its environmental and social commitments - a key component of its pursuit of excellence - with progress in the Living Landscapes program, the roll-out of positive impact initiatives via Living Communities and the renewal of its main international certifications. Fashion and Leather Goods Glenmorangie launched "Once Upon a Time in Scotland", a major marketing campaign featuring legendary actor Harrison Ford. Ardbeg inaugurated Ardbeg House on the Isle of Islay, a magnificent setting offering an immersive experience of the brand's unique atmosphere. Belvedere vodka continued to ramp up its innovative momentum with the release of Belvedere Dirty Brew , a new blend crafted with certified organic coffee. Luxury vodka Belvedere 10 confirmed its leadership. Eminente rum ramped up its growth in Europe, fueled by the launch of Carta Oro . Outlook The Wines and Spirits business group is approaching 2026 with the same determination it showed in 2025, and will continue to invest in its Maisons and affirm its leadership in its key categories: cognac, champagnes, single malt whiskies and Provence rosé wines. Conscious of the potential challenges on the horizon - as exemplified by tariffs in the United States, anti-dumping measures in China and unfavorable exchange rates - the Maisons will take a pragmatic approach and focus on strengthening their fundamentals: their unique expertise, the exceptional quality of their products, the strength of their distribution networks and the desirability of their brands. In 2025, revenue for the Fashion and Leather Goods business group accounted for 47% of the Christian Dior Group's total revenue. Fashion and Leather Goods brands In the luxury fashion and leather goods sector, the Group holds a portfolio of brands that are primarily French, but also include Italian, Spanish, British, German and American companies. The Fashion and Leather Goods business group comprises Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, Rimowa and Patou. While respecting the identity and autonomous management of these brands, the Group supports their growth by providing them with shared resources. Parfums Christian Dior, Perfumes Loewe, Parfums Kenzo and Parfums Givenchy are included in the Perfumes and Cosmetics business group. Competitive position In the Fashion and Leather Goods sector, the luxury market is highly fragmented, consisting of a handful of major international groups plus an array of smaller independent brands. The Christian Dior Group's brands are present all around the world, and it has established itself as one of the most international groups. All these groups compete in various product categories and geographic areas. ‌Fashion and Leather Goods Design Working with the best designers, while respecting the spirit of each brand, is a strategic priority: the creative directors promote the Maisons' identities, and are the artisans of their creative excellence and their ability to reinvent themselves. As a means to continually renew this precious resource, the Group has always been committed to supporting young designers and nurturing tomorrow's talent, in particular through the LVMH Prize for Young Fashion Designers, which each year honors the work of an up-and-coming designer displaying exceptional talent and outstanding creativity. The Christian Dior Group believes that one of its essential assets is its ability to attract a large number of internationally recognized designers to its Maisons. Supply sources, manufacturing and subcontracting As of 2025, Louis Vuitton has twenty-nine workshops for finished leather goods - eighteen in France, four in Spain, four in the United States and three in Italy - which manufacture most of the Maison's leather goods. In addition to manufacturing and model-making for leather goods, Louis Vuitton's workshops in Italy handle all development and manufacturing processes for all types of footwear, as well as development for certain accessories (textiles, jewelry and eyewear). In addition to leather goods manufacturing, Louis Vuitton's workshops in Spain also handle all leather goods accessories (belts and straps). Louis Vuitton uses external manufacturers only to supplement its manufacturing. Louis Vuitton purchases its materials from suppliers located around the world, with whom the Maison has established long-term partnership relationships. The supplier strategy implemented over the last few years has enabled the Maison to meet its requirements in terms of volume, quality and innovation while engaging its suppliers in a CSR approach. This strategy is the result of a policy of focusing on and supporting the best suppliers while limiting Louis Vuitton's reliance on them. Accordingly, the leading supplier in the leather market accounts for around 22% of Louis Vuitton's leather supplies; the leading supplier in the metal parts market accounts for around 25% of its metal parts supplies. Distribution Controlling the distribution of its products is a core strategic priority for the Christian Dior Group, particularly in the luxury Fashion and Leather Goods sector. This control allows the Group to retain retail margins, and guarantees strict control of the brand image, sales reception and environment that the brands require. It also gives the Group closer contacts with its customers so that it can better anticipate their expectations, thereby offering them unique shopping experiences. Christian Dior's production capacity and use of outsourcing vary very widely depending on the product. In leather goods, Christian Dior works with companies outside the Group to increase its production capacity and provide greater flexibility in its manufacturing processes. In ready-to-wear and jewelry, it purchases supplies primarily from non-Group businesses. Most of the other Maisons in the Fashion and Leather Goods business group have workshops in their countries of origin or in Italy, which cover only a portion of their production needs. Furthermore, the LVMH Métiers d'Art segment protects and partly develops the Maisons' access to raw materials and world-class expertise in leather goods and hardware. Generally, the subcontracting used by the business group is diversified in terms of the number of subcontractors and is located primarily in the brand's country of origin, France, Italy and Spain. Lastly, fabric suppliers for the different Maisons are often Italian, but on a non-exclusive basis. The designers and style departments of each Maison ensure that manufacturing does not generally depend on patents or exclusive expertise owned by third parties. In order to meet these objectives, the Group has the premier international network of exclusive boutiques under the banner of its Fashion and Leather Goods brands. This network included around 2,300 stores as of December 31, 2025. ‌Highlights of 2025 and outlook for 2026 2025 2024 2023 Revenue (EUR millions) 37,770 41,060 42,169 Revenue by geographic region of delivery (%) France 7 7 7 Europe (excl. France) 19 19 18 United States 18 17 17 Japan 11 12 10 Asia (excl. Japan) 35 36 39 Other markets 10 9 9 Total 100 100 100 Type of revenue (as % o/ total revenue) Retail 95 95 95 Wholesale 5 5 5 Total 100 100 100 Profit from recurring operations (EUR millions) 13,209 15,230 16,836 Current operating margin (%) 35.0 37.1 39.9 Highlights The Fashion and Leather Goods business group showed good resilience with local customers with respect to 2024, which had been boosted by strong growth in tourist spending, particularly in Japan. Driven by a desire to offer their customers exceptional products and experiences, the Group's Maisons continued to pursue creativity, very high quality, masterful craftsmanship and retail excellence. Louis Vuitton continued to demonstrate powerful creativity, exceptional craftsmanship and unique in-store experiences. Shows by Nicolas Ghesquière and Pharrell Williams took viewers on a memorable voyage, celebrating the spirit of travel and reimagining the Maison's most iconic designs. The emblematic creative collaboration with Takashi Murakami made a vibrant comeback, with the "re-edition" collection at the start of the year featuring colorful designs created 20 years ago, and the new Artycapucines collection unveiled at Art Basel Paris. The Louis opened in downtown Shanghai in June. This spectacular space, in the shape of a cruise ship, redefines the luxury experience, with a one-of-a-kind store, fine dining at the Café Louis Vuitton and the immersive Visionary Journeys exhibition, reimagining the spirit of travel. A unique new cultural experience also opened at the end of the year in a multi-floor space in Seoul, celebrating the city's singular fusion of tradition, culture, art and modernity. In September, the Maison unveiled La Beauté Louis Vuitton , its new cosmetics segment, led by globally acclaimed makeup artist Dame Pat McGrath. This collection reflects an approach that blends refinement, sustainability and exceptional craftsmanship. Louis Vuitton embarked on a new adventure in high-performance sports, becoming an Official Partner of Formula 1®. To mark this new partnership, the Maison created 24 unique trophy cases - one for each of the season's Grand Prix races - illustrating the expert skills of its trunk-makers and leatherworkers. The Maison was featured at the France Pavilion during the World Expo in Osaka, where its immersive installation showcasing its craftsmanship and its close ties with Japan drew a record number of visitors. Its new campaign, "The Spirit of Travel", shone a spotlight on its iconic luggage and China's most fascinating landscapes. Christian Dior Couture embarked on a defining new chapter in its history, welcoming Jonathan Anderson as Creative Director of its Haute Couture, Men's and Women's collections. His first two shows were met with particularly high acclaim, attracting a record audience and garnering enthusiastic reviews. Jonathan Anderson won Designer of the Year for the third year running at the Fashion Awards 2025. For her final Dior Cruise collection, Maria Grazia Chiuri drew inspiration from Italian cinema and costume balls. Kim Jones's final Dior Homme collection paid tribute to the Maison's haute couture heritage. Victoire de Castellane's latest jewelry designs were showcased in the new Diorexquis collection and new additions to the Rose des Vents line, which celebrated its 10th anniversary. In leather goods, Lady Dior elevated its desirability with a new marketing campaign and the well-received 10th edition of "Dior Lady Art" , with 10 artists reinterpreting the iconic bag. The range was further expanded with the successful launches of the Dior Toujours Vertical and D-Journey lines. Three major new store openings took place during the year: "House of Dior" locations embodying French elegance in the heart of Manhattan, New York and Beverly Hills, Los Angeles, and a stunning sculptural building in Beijing designed by Christian de Portzamparc in the new Sanlitun district. With its high-profile presence at the World Expo in Osaka, Christian Dior Couture took visitors on a poetic odyssey through the Maison's dreamlike universe, showcasing its legacy of expert craftsmanship. Lastly, the Maison carried on its beloved annual tradition of crafting spectacular façades and enchanting window displays to celebrate the end-of-year holiday season at 30 Avenue Montaigne and around the world. Loro Piana turned in a remarkable performance, continuing to offer products of the highest quality. To celebrate its 100th anniversary, its first-ever exhibition was unveiled at the Museum of Art Pudong in Shanghai at the beginning of the year. In the second half of the year, to celebrate its ties to New York, the Maison staged a highly visible installation at Bergdorf Goodman and reopened its newly extended and magnificently redesigned New Bond Street store in London. An exceptional new fabric, Royal Lightness , was added to Loro Piana's range of finest fibers, known as "Excellences" , and the Loro Highlands capsule collection paid tribute to equestrian elegance. Its partnership with Team Europe - winner of golf's prestigious Ryder Cup - reflected the Maison's steadfast commitment to the world of sports. Celine saw an influx of promising new creative energy with the arrival of its new Creative Director, Michael Rider, whose first two shows received a warm welcome and raised the Maison's profile. Its New Luggage and Soft Triomphe bags, unveiled at the Spring 2026 show, together with accessories (silk and charms), got off to a good start. ‌ Fendi celebrated its centenary, hosting a coed runway show staged by Silvia Fendi at the Maison's new "Solari" location in Milan, launching the iconic Mamma Baguette bag, unveiling its Eaux d'Artifice high jewelry collection and opening the striking Palazzo Milano store - a fusion of Roman heritage and Milanese design. Maria Grazia Chiuri was appointed Chief Creative Officer of Fendi in October. Loewe 's first collection designed by Jack McCollough and Lazaro Hernandez was presented in October and enthusiastically welcomed by the press and buyers. The Maison showcased its powerful innovative momentum through striking reinterpretations of its iconic lines, including a collaboration with the Josef & Anni Albers Foundation and the launch of the Madrid bag in tribute to the city where it was founded. The 10th anniversary of the Puzzle line was celebrated through a range of initiatives. The store network expanded, with a first flagship store opening in Australia and new Casa Loewe stores in Shanghai, Paris' Avenue Montaigne and Tokyo Ginza. Marc Jacobs released an exclusive electric-pink version of the Maison's signature Stephen Sprouse x Marc Jacobs Tote Bag . In the second half of the year, the Maison unveiled a creative collaboration for its limited-edition Joy capsule collection. Givenchy held its first runway shows of collections designed by Sarah Burton, which were warmly welcomed by the press and customers alike, and recognized for their creativity at the British Fashion Awards. Women's ready-to-wear saw growth after its collections arrived in stores at the end of August. A new flagship store opened on Rue François 1 er in Paris in July. Kenzo presented its Men's and Women's shows separately for the first time in eight years, in January and March, respectively. The Spring/Summer 2026 collection was unveiled in June amid the Art Nouveau decor of legendary Parisian restaurant Maxim's. Berluti was boosted by demand for its iconic footwear designs, particularly the Alessandro , Fast Track and Shadow models, and by growth in ready-to-wear. The Maison continued to affirm its vision of the "remarkable allure" that has become its signature, embodied by Victor Belmondo. The visual enhancement of its store network continued. Rimowa showcased the excellence of its hardshell luggage through a limited-edition suitcase designed in collaboration with Rick Owens, as well as its successful Original Backpack and initiatives featuring its Essential range. Other highlights of the year included the launch of a sunglasses collection in partnership Perfumes and Cosmetics with Mykita, the debut of the Maison's new Groove line of leather bags and the redesigned Never Still line. The Maison continued to roll out its flagship stores in major international capitals. Pucci presented its Spring/Summer collection in Portofino, highlighting its Italian identity and revisiting its iconic prints. Naomi Campbell starred in the campaign promoting its Fall/ Winter collection. Outlook Driven by a determination to create supremely desirable collections and the highest-quality products, the Group's Maisons will continue to pursue creativity and masterful craftsmanship. Louis Vuitton will focus its attention in 2026 on its spirit of innovation and the ongoing pursuit of excellence through its designs and stores. New collections and dedicated window displays will celebrate the 130th anniversary of its legendary Monogram canvas. The Maison will continue to showcase its cultural vision, crafting dreams and ever more unique experiences for its customers. Balancing the Maison's timeless legacy with contemporary reinvention, Christian Dior will continue to invest to keep on making the magic it is known for under its new Creative Director, Jonathan Anderson, whose first collections arrive in stores in the first quarter of 2026. The Cruise collection runway show will be held in May in Los Angeles. Loro Piana will open its newly renovated store in the heart of Vienna, Austria, before inaugurating a new store in Omotesando, Tokyo in the second half of the year. Celine will continue with the creative refresh of its Women's collections, revisiting pieces that exemplify its signature chic and promoting its core leather goods lines. Celine's new Men's collection will be unveiled in June 2026. At Fendi , Maria Grazia Chiuri will unveil her first Women's collection in Milan in February. The Maison will also return to the haute couture scene in July. Loewe is approaching 2026 with a highly dynamic innovation plan. The influx of fresh energy and creative direction driven by Jack McCollough and Lazaro Hernandez will inject fresh impetus into all of the Maison's collections and designs. Three new flagship stores will open on Via Monte Napoleone in Milan, Rue du Faubourg Saint-Honoré in Paris and Madison Avenue in New York. Rimowa will celebrate the reopening of its flagship in Cologne, where the Maison was founded. Berluti will continue to renovate and selectively expand its store network, particularly in the Middle East. In 2025, revenue for the Perfumes and Cosmetics business group came to 8,174 million euros, accounting for 10% of the Christian Dior Group's total revenue. Perfumes and Cosmetics brands The Christian Dior Group is a key player in the perfume, makeup and skincare sector, with a portfolio of world-famous French brands, including Parfums Christian Dior, Guerlain, Parfums Givenchy and Kenzo Parfums. The Group also owns other beauty brands, including Benefit Cosmetics, Fresh, Acqua di Parma, Loewe Perfumes, Make Up For Ever, Maison Francis Kurkdjian, Fenty Beauty by Rihanna and Officine Universelle Buly. ‌Competitive position LVMH's Beauty division has maintained its global competitive position thanks to the success of its fragrances, particularly in Europe and the United States, and the recovery in makeup in the Research Established in 1981, LVMH Recherche is a research and innovation center for the Group's Perfumes and Cosmetics brands. LVMH Recherche aims to shape the future of sustainable and digital beauty. Innovation is central to the Group's commitment to offering unrivaled product performance, unprecedented sensory experiences and new uses by investing in key new areas for the future while taking into account social and environmental impacts. Spread across five sites around the world (Hélios in Saint-Jean-de-Braye, Kosmo in Paris, and Asian innovation centers in Tokyo, Shanghai and Seoul), LVMH Recherche's 670 employees (including researchers, chemists, biologists, toxicologists and pharmacists) deliver over one thousand exceptional products every year in the skincare, makeup and fragrance categories. These very high-quality products are developed with the greatest Perfumes and Cosmetics United States, despite the ongoing impact on the skincare market of the economic situation in China. respect for the environment and in keeping with each Maison's sensory signature and unique identity. Innovation and openness to the world are pillars of the strategy pursued by LVMH Recherche (400 patent families), which works with a number of public bodies (including universities, the French National Scientific Research Center [CNRS] and the French National Institute of Health and Medical Research [INSERM]) and private-sector organizations (notably startups, SMEs and mid-tier enterprises) in France and abroad. LVMH Recherche has gradually created a powerful innovation ecosystem whose aim is to identify the most promising technological advances and accelerate their development by building strategic partnerships in new scientific fields as varied as sustainable farming, biotechnology, cellular biology, advanced materials, new processes, big data and artificial intelligence. Supply sources, production and subcontracting The six French production centers operated by Parfums Christian Dior, Guerlain and LVMH Fragrance Brands meet almost all the manufacturing needs of the four major French Maisons. The other Maisons have some of their products manufactured by the Group's other brands, with the remainder subcontracted externally. Dry materials, such as bottles, stoppers and any other items that form the containers or packaging, are acquired from suppliers Distribution and communication The presence of a broad spectrum of brands within the business group generates synergies and represents a market force. The volume effect means that advertising space can be purchased at competitive rates, and better locations can be negotiated in department stores. The use of shared services by subsidiaries increases the effectiveness of support functions for worldwide distribution and facilitates the expansion of the newest brands and their access to new markets. These economies of scale permit larger investments in design and advertising, two key factors for success in the Perfumes and Cosmetics business group. The Group's Perfumes and Cosmetics brand products are sold worldwide, mainly through "Selective Retailing" channels (as opposed to mass-market retailers and drugstores), although certain brands also sell their products in their own stores and on outside the Group, as are the raw materials used to create the finished products. In certain cases, these materials are available only from a limited number of French or foreign suppliers. Most product formulas are developed at the LVMH Recherche laboratories in Saint-Jean-de-Braye (France), but the Group may also acquire or develop formulas from specialized companies. their own e-commerce sites. Excellence in retailing is key to the Group's Perfumes and Cosmetics Maisons. It requires expertise and attentiveness from beauty consultants, as well as innovation at points of sale. As of December 31, 2025, the network of directly operated Perfumes and Cosmetics stores consisted of over 700 stores. To meet the expectations of younger generations, who are looking for originality, as well as demand for a connected in-store and online experience, all brands are accelerating the implementation of their online sales platforms, particularly on their own sites, and stepping up their digital content initiatives. Our brands are actively incorporating digital tools to enhance the customer experience and attract new consumers. ‌Highlights of 2025 and outlook for 2026 2025 2024 2023 Revenue (EUR millions) 8,174 8,418 8,271 Revenue by geographic region of delivery (%) France 10 10 9 Europe (excl. France) 22 21 21 United States 19 19 19 Japan 5 6 5 Asia (excl. Japan) 29 30 33 Other markets 15 14 13 Total 100 100 100 Profit from recurring operations (EUR millions) 727 671 713 Current operating margin (%) 8.9 8.0 8.6 Highlights Maintaining a robust innovation policy and a highly selective retail approach, the Perfumes and Cosmetics business group continued to demonstrate the strength of its Maisons and the relevance of their market positioning. Parfums Christian Dior showed outstanding resilience in the face of a volatile economic environment and a cyclical slowdown in the market. The Maison strengthened its leadership position in its strategic markets, buoyed by the performance of its iconic lines. Sauvage retained its place as the world's best-selling fragrance, while Dior Homme , reinterpreted by Francis Kurkdjian, maintained its strong momentum. Iconic women's fragrances J'adore and Miss Dior continued to grow, in particular thanks to the new version of J'adore Eau de Parfum and the successful launch of the new Miss Dior Essence . La Collection Privée experienced robust growth in all markets. Makeup was driven by the success of innovative additions to the flagship Forever , Rouge Dior , Dior Addict and Backstage ranges. Skincare was boosted by the launch of Dior Prestige Les Nectars de Rose as well as by innovations and a revamped marketing campaign for the Capture line. Honoring its purpose of "Making the world a happier, more beautiful place", Parfums Christian Dior increased the use of regenerative agriculture techniques for the flowers and plants grown to produce its fragrances and highlighted its commitment to protecting biodiversity, in particular via partnerships with WWF. Guerlain confirmed the acceleration in its major markets, in particular the Middle East, Japan, South Korea, South Asia, Europe and the United States. Fragrance was the Maison's main growth driver, buoyed by the success of Florabloom in the Aqua Allegoria collection, Shalimar L'Essence - celebrating the Shalimar line's 100th anniversary - and the L'Art & La Matière collection. Innovations in its Abeille Royale serum and Rouge G lipstick also helped drive growth. The Maison also continued to champion sustainable beauty, with notable initiatives in 2025 including the launch of the first cellulose-based packaging for its Orchidée Impériale Blue skin cream and the development of the Women for Bees program in China. Parfums Givenchy focused on promoting its iconic lines, in particular its L'Interdit women's fragrance, which was boosted by the launch of the new L'Interdit Parfum version. The Maison also unveiled a new interpretation of its Gentleman Society Ambré men's fragrance, with Formula 1® driver Pierre Gasly as its ambassador. Makeup was driven by the new Prisme Libre Glow Serum foundation and the success of Le Rouge Velvet Matte lipstick, whose design echoes the brand's couture heritage. Benefit 's innovative momentum was exemplified by the launch of its new POREfessional foundation, which became an instant bestseller, marking the Maison's strategic entrance into the largest makeup category. Maison Francis Kurkdjian continued its international expansion, including two new stores in the United States. The Maison launched its new Kurky fragrance and the My Very Intimate Perfumes collection. It also stepped up marketing for its iconic Baccarat Rouge 540 , for which it unveiled the Édition Millésime version, encased in a Baccarat crystal bottle. The Perfume: Sculpture of the Invisible exhibition at the Palais de Tokyo in Paris looked back at 30 years of Francis Kurkdjian's creations. Loewe Perfumes confirmed its solid growth path, driven by the excellent performance of its iconic Botanical Rainbow line and an acceleration in its already strong international growth. The year also saw the launch of the Crafted Collection , a series of three new fragrances celebrating the Maison's expert craftsmanship. Acqua di Parma reaffirmed its Italian heritage through its fragrances and its traditional craftsmanship. The Maison unveiled two new eaux de parfum: Colonia Il Profumo and Buongiorno , with the latter becoming its greatest ever success. Its Art of Living range was enriched with the La Terrazza Italiana and Antelao collections. Make Up For Ever broke new ground with the launch of its Super Boost range, new additions to HD Skin and the success of its Artist Color pencils. Kenzo Parfums expanded its range with the new Flower and Kenzo Homme Indigo fragrances, as well as the relaunch of the unisex L'Eau Pure fragrance, which reflects the Maison's commitment to sustainability. Fresh refocused its strategy on showcasing its fundamentals, reaffirming the importance of natural ingredients as nutrients for skin, and concentrated its initiatives on the United States and China, both key markets for skincare. Fenty Beauty continued its expansion in China and the rollout of its haircare range. Officine Universelle Buly opened two new stores in Paris and its 21st store in Japan. The Maison unveiled a number of innovations, including new scents for its oils and soaps as well as the Baume des Muses Métallique , an exceptional piece that artfully combines accessories and cosmetics. ‌Watches and Jewelry Outlook In 2026, the Maisons in the Perfumes and Cosmetics group will continue to invest in their strengths, focusing on innovation and excellence in their products, their desirability and a selective approach to their retail networks. Parfums Christian Dior will build on the vibrancy of its iconic lines, further innovation for ever more effective products, its ongoing quest for excellence and an increasingly selective retail approach. The Maison will also capitalize on close collaboration with Dior Couture and the arrival of JW Anderson. Guerlain will benefit from additions to its fragrance lines. Parfums Givenchy will focus on promoting its iconic L'Interdit , Gentleman and Irresistible lines, and on accelerating the development of its niche fragrances in La Collection Particulière . A launch in the lip segment will boost the makeup category. At Kenzo Parfums , the year will see marketing initiatives focused on the Maison's iconic lines, in particular Flower by Kenzo . Benefit aims to strengthen its position in the Watches and Jewelry foundation category and maintain its global leadership in brow beauty thanks to major innovations. Maison Francis Kurkdjian intends to consolidate its positioning in its key markets, and will continue to support the cornerstones of its fragrance wardrobe. Building on the success of its exhibition in Paris, the Maison aims to extend the exhibition to locations outside France. Loewe Perfumes will continue its international expansion, crafting an ever more exclusive customer experience. Acqua di Parma will celebrate its 110th anniversary with a tribute to the city of Parma and the launch of a travelling exhibition. Make Up For Ever will roll out its new brand identity to all its customer touchpoints. Fresh will continue to showcase its expertise and will innovate to enhance its iconic Soy and Kombucha lines. Fenty Beauty will celebrate its ninth anniversary and consolidate its positioning. Officine Universelle Buly will build on its growing international presence, opening new, high-profile locations in Europe and Japan. In 2025, revenue for the Watches and Jewelry business group accounted for 13% of the Christian Dior Group's total revenue. Watches and Jewelry brands The Group's Watches and Jewelry Maisons are some of the most emblematic brands in the industry. They operate in jewelry and watches with Tiffany & Co., Bvlgari, Chaumet, Fred, TAG Heuer, Hublot, Zenith, Repossi and L'Epée 1839. These Maisons are guided by a steadfast pursuit of excellence, creativity and innovation. Competitive position The jewelry market is highly fragmented, consisting of a handful of major international groups plus an array of smaller independent brands and companies from many different countries. The watchmaking market consists of major international players and is divided into a number of segments including traditional watches and smartwatches. The luxury watch market consists of a handful of major international groups as well as smaller independent brands. The Christian Dior Group's brands are present all around the world, and it has established itself as one of the international leaders. Design, supply sources, manufacturing and subcontracting The Watches and Jewelry group designs most of its models in its own studios, but may also sometimes use third parties. At its Swiss workshops and manufacturing centers, the Group assembles a substantial proportion of the watches and chronographs sold under the TAG Heuer, Hublot, Zenith, Tiffany & Co., Bvlgari and Chaumet brands; it also designs and manufactures mechanical movements such as El Primero and Elite by Zenith, Heuer 02 by TAG Heuer, Unico by Hublot and Solotempo by Bvlgari; and it manufactures some critical components such as dials, cases and straps. The Group's jewelry businesses mainly rely on multi-brand or mono-brand production sites in France, Italy and the United States. Furthermore, Tiffany is also involved in the upstream diamond processing chain, particularly in Belgium, Cambodia and Vietnam. The subcontracting used by the business group is diversified in terms of the number of subcontractors and is located primarily in the brand's country of origin, the United States, Italy, France and Switzerland. ‌Watches and Jewelry Distribution The business group, which enjoys a strong international presence, has reaped the benefits of its excellent coordination and pooling of administrative, sales and marketing teams. A worldwide network of multi-brand after-sale services has been gradually put in place to improve customer satisfaction. The Watches and Jewelry business group has a territorial organization that covers all markets. The business group is focusing on the quality and productivity of its retail networks and on developing its online sales. It selects Highlights of 2025 and outlook for 2026 2025 2024 2023 Revenue (EUR millions) 10,486 10,577 10,902 Revenue by geographic region of delivery (%) France 4 5 3 Europe (excl. France) 15 15 15 United States 24 24 23 Japan 12 13 11 Asia (excl. Japan) 29 29 34 Other markets 16 14 14 Total 100 100 100 Profit from recurring operations (EUR millions) 1,514 1,546 2,162 Current operating margin (%) 14.4 14.6 19.8 Highlights For the Watches and Jewelry business group, the priority remained focused on innovating, showcasing its icons, enhancing the desirability of collections and pursuing quality-driven retail development. Managing expertise was another key priority. Tiffany & Co . continued to focus on its iconic lines as part of its elevation strategy. Hardwear and Knot in particular experienced strong growth. The Maison's portfolio of iconic pieces was enriched with the Sixteen Stone collection and the Bird on a Rock line, launched in August, whose very good performance attested to the growing desirability of its designs. Tiffany & Co. had a record year in high jewelry. The Blue Book 2025 Sea of Wonder high jewelry collection was a major success. The collection showcased Tiffany & Co.'s powerful creativity, infused with the rich heritage handed down by its first designer, Jean Schlumberger. Tiffany won two awards (the Jury's Special Prize and the Heritage Prize) at the first Grand Prix de la Haute Joaillerie in Monaco, in recognition of the Maison's past and present excellence in jewelry-making. The program aimed at renovating locations and rolling out the new store concept continued, illustrated by two multi-brand retailers very carefully and builds partnerships so that retailers become genuine brand ambassadors when interacting with end-customers. In an equally selective approach, the Maisons also continue to refurbish and open their own directly operated stores in buoyant markets in key cities. The Watches and Jewelry brands' directly operated store network comprised 969 stores as of year-end 2025 at prestigious locations in the world's largest cities. magnificent achievements: the Maison's first flagship store in Europe, on Via Monte Napoleone in Milan, which received the Prix Versailles, followed by the Tokyo Ginza flagship. Renovated stores - which account for nearly a third of the total network since Tiffany & Co. joined the Group - showed solid growth, as did The Landmark on New York's Fifth Avenue, which achieved steady growth for the third consecutive year. Bvlgari achieved another record year. 2025 kicked off with the Year of the Snake festivities in Shanghai and a large-scale art exhibition featuring the work of Chinese and international artists. The new Polychroma high jewelry collection, unveiled in Italy, China, Japan, the United States and the Middle East, generated record sales of multi-million-dollar pieces. The Kaleidos exhibition at Tokyo's National Art Center showcased the Maison's creative universe and its unique expertise in colored gemstones. New collections were added to each of its three major iconic lines (Serpenti , Divas' Dream and B.zero1) . The Octo Finissimo Ultra Tourbillon timepiece - which set a new record for the world's thinnest tourbillon watch - and the new Serpenti Aeterna collection of jewelry watches were presented at the Watches and Wonders trade show. New flagship stores were opened in Milan, Los Angeles, Miami, Tokyo and Riyadh, boosting sales momentum in these key markets. Bvlgari inaugurated its expanded Valenza site, which became the world's largest and most sustainable jewelry manufacturing facility, powered entirely by renewable energy. For the first year of its partnership with Formula 1, TAG Heuer returned as official timekeeper and extended its contract with the Red Bull Racing team and its four-time world champion driver Max Verstappen. The new "Designed to Win" marketing campaign was launched, showcasing the brand's ties to the world of sports. The Maison expanded its range with new high-end editions of the iconic Monaco and Carrera , featuring split-second and flyback complications, and, at the end of the year, chronometers equipped with a proprietary carbon-composite hairspring, a revolutionary innovation by TAG Heuer. The Maison took back direct control over its distribution in South Korea and Mexico. ‌Selective Retailing For the 20th anniversary of its Big Bang collection, Hublot released a limited edition of five exceptional models fusing the design of the original watch with that of the current Big Bang Unico . Following the Watches and Wonders trade show, anniversary celebrations continued throughout the year, with Kylian Mbappé and Usain Bolt making appearances at Dubai Watch Week and Art Basel Miami. The new "Own It" marketing campaign was launched in May. The MP-17 Meca-10 Arsham Splash , designed in collaboration with American artist Daniel Arsham, was unveiled in October in Singapore. Zenith commemorated its 160-year history, unveiling the G.F.J. chronometer, a tribute to its founder reflecting the Maison's historic contribution to watchmaking excellence. The design won the Chronometry Prize at the 25th Geneva Watchmaking Grand Prix. Meanwhile, Zenith continued to modernize its unique manufacturing facility in Le Locle. Faithful to its pioneering spirit, L'Epée 1839 revisited the Swiss cuckoo clock, breathing new life into this quintessential symbol of Switzerland's clockmaking tradition. Chaumet developed its emblematic Bee de Chaumet jewelry line, which performed well. Embodying its legacy as a jeweler inspired by nature, the Maison unveiled its Jewels by Nature high jewelry collection at an inaugural event held in Marbella, Spain, before continuing its world tour. These ties to the natural world were also celebrated in "Ode to Living Nature", an experience presented at the World Expo in Osaka, which drew over one million visitors. The Maison underscored its commitment by entering into a partnership with WWF and launching its first jewelry made from 100% responsibly sourced, traceable gold. Fred focused on injecting fresh energy into its iconic collections: Force 10 enjoyed major success with the launch of Force 10 Rise and the extension of its partnership with the French Open, while Chance Infinie developed a new aesthetic. The Maison cemented its positioning as the "Sunshine Jeweler", unveiling new high Selective Retailing In 2025, revenue for the Selective Retailing business group accounted for 23% of the Christian Dior Group's total revenue. The Selective Retailing business group comprises Sephora, the world's leading selective beauty retailer; Le Bon Marché, a Competitive position jewelry pieces in two collections: 1936 and Soleil d'Or Sunrise . It continued to expand its retail network. Repossi launched the new Blast jewelry collection and strengthened its ties with contemporary art through a collaboration with American artist Sterling Ruby. The Maison expanded significantly in Asia during the year, notably in South Korea and Japan. Outlook Building on their success, the Maisons will continue to make targeted investments in innovation, the development of their iconic lines, desirability and in-store excellence. In 2026, Tiffany & Co . will continue to deliver on its elevation strategy built around its iconic lines as well as renovating its stores, with the aim of continuing to enhance its desirability and the quality of its customer experience. A varied program of events will highlight the Maison's exceptional creativity, heritage and craftsmanship. Bvlgari will focus on renovating its most iconic stores and expanding its range in its signature lines. The Maison will launch a high jewelry collection in Milan in March. In watchmaking, two new models will join the Serpenti collection and the Octo Finissimo watch will receive a major upgrade. TAG Heuer will focus on chronographs and partnerships with Formula 1. The Maison will unveil major innovations in mechanical movements in its Monaco and Carrera collections and open a new case-making facility in Cornol, Switzerland. Hublot will celebrate its partnership with UEFA at the Champions League final and add to its Big Bang and Classic Fusion collections. Zenith will bring fresh innovations to its Chronomaster and G.F.J . lines. Chaumet will unveil a new, nature-inspired high jewelry collection. Fred will celebrate its 90th anniversary by launching the Monsieur Fred Golden Light high jewelry collection and promoting its iconic lines. Repossi will celebrate the 40th anniversary of its arrival on Place Vendôme and open a store in London. Paris department store with a unique atmosphere; and travel retailer Duty Free Shoppers (DFS), which caters specifically to international travelers. Distribution in the beauty sector is highly fragmented, served by major specialist retail chains, department stores, websites and independent perfume retailers. ‌Selective Retailing Distribution and digitalization Sephora markets beauty products. Its stores are organized around dedicated spaces for perfume, makeup, skincare and haircare, and services. Customers are free to try products out and beauty advisers are on hand to provide personalized recommendations. The quality of this concept has enabled Sephora to gain the confidence of perfume and cosmetics brands. With its distribution network of 2,242 stores present in 35 countries as of December 31, 2025, its websites, mobile apps and strong social media presence, the Maison creates an omnichannel beauty experience that is increasingly innovative and personalized and offers customers an interactive, flexible, seamless shopping journey. DFS has developed its business through partnerships with international tour operators and major luxury brands. Through its airport concessions and its city-center Galleria stores, which currently account for about two-thirds of its revenue, DFS is particularly present in the United States and at tourist destinations in the Asia-Pacific region. Highlights of 2025 and outlook for 2026 2025 2024 2023 Revenue (EUR millions) 18,348 18,262 17,885 Revenue by geographic region of delivery (%) France 11 11 11 Europe (excl. France) 13 12 9 United States 45 46 46 Japan 1 1 1 Asia (excl. Japan) 11 12 15 Other markets 19 18 18 Total 100 100 100 Profit from recurring operations (EUR millions) 1,780 1,385 1,391 Current operating margin (%) 9.7 7.6 7.8 Highlights Sephora once again posted solid revenue growth in 2025, against a particularly high basis of comparison. At DFS, initiatives to streamline operations helped improve profitability, despite business activity still being held back by prevailing international conditions. Sephora turned in a solid performance, continuing to gain market share and reaffirming its powerful brand and its effective, resilient business model. Growth was particularly strong in Europe, the Middle East and Latin America. Business continued to grow in North America. In a still challenging Chinese market, the strategic focus was on further differentiating Sephora's range of products and services, particularly in makeup, as well as building loyalty and enhancing the in-store experience. These initiatives yielded very encouraging outcomes as store traffic gradually picked up. Makeup remained the top category by sales volume, followed by skincare, fragrance and haircare. Fragrance, meanwhile, showed the strongest momentum thanks to a number of product innovations and new applications, such as mists and layering. Exclusive brands, which made up nearly half the brand portfolio, were the most significant source of growth. Rhode - the "native online" makeup and skincare brand founded by Hailey Bieber, launched in North America followed by the United Kingdom -was Sephora's biggest-ever launch. The Maison also continued with its partnership strategy, as demonstrated by the new "We Belong To Something Beautiful" campaign with Lady Gaga's Haus Labs brand. Sephora continued to invest in its omnichannel strategy and expand its retail network, opening around a hundred locations in 2025. This expansion was particularly dynamic in the United Kingdom, with five new stores delivering outstanding performance. A new flagship store opened in São Paulo, while a new store concept was rolled out in North America. The Maison continued to develop its Sephora experience concept in Asia, exemplified by a new store in Bangkok and the renovation of existing stores in China. Meanwhile, the app continued to establish itself as Sephora's "digital flagship", offering an enhanced experience. Sephora continued to grow its community of 80 million active members around the world and strengthen its brand, which has ranked among the world's top one hundred brands for several years running. The " Sephoria " world tour continued, with events in Milan, Shanghai, Paris and Dubai. The Maison reaffirmed its values and its commitment to environmental and corporate social responsibility. For the third year in a row, Sephora renewed its partnership with the Rare Beauty brand to mark World Mental Health Day. With tourism recovering more quickly in some markets than others, DFS focused on improving its profitability, notably by streamlining its store network and undertaking targeted marketing initiatives. Its Abu Dhabi airport store and the Galleria in Okinawa, which celebrated its 20th anniversary, continued to attract high footfall and strong demand. Revenue grew in Hong Kong and Macao thanks to a strategy of forging stronger partnerships with iconic brands, renovating stores, launching exclusive products and running high-impact events and initiatives at key locations, such as Four Seasons Macao. ‌Other activities Le Bon Marché once again posted revenue growth, driven by its differentiation strategy focused on a continuously renewed selection of exceptional products, exclusive partnerships and concepts, and a rich array of cultural events. Highlights of the year included the Le La Serpent exhibition, which gave carte blanche to renowned Brazilian artist Ernesto Neto; the light-heartedly offbeat Je T'aime Comme Un Chien exhibition; the Tout Beau et Tout Bronzé exhibition held over the summer; and the Rock'n'Drôle exhibition in September, created with Antoine de Caunes, which took visitors on a humorous journey through the history of rock. Babel , a stunning new performance choreographed by Mourad Merzouki and Le Bon Marché's third night-time show, was a major success. With its exceptional range of culinary products and gourmet experiences, La Grande Épicerie de Paris achieved revenue growth, particularly among international customers. The Group strengthened the organization of its department stores in March 2025 by implementing a shared governance structure for Le Bon Marché and La Samaritaine, which will continue its development while drawing up its business model for the future. Outlook In 2026, Sephora willcontinue to pursue its strategy of differentiation through products and experiences, and will continue to expand its store network to sustain growth and win market share. The Maison will focus on seeking out growth opportunities across all of its geographical markets, including the most mature, as well as launching in new countries such as Croatia in Europe and continuing to expand in the United Kingdom, Latin America and Southeast Asia. In North America, Sephora will continue to open new stores and pursue its renovation program, rolling out its new store concept. In China, its new strategy will feature a Other activities "Other activities" include, in particular, the Les Echos group, which comprises leading French business and cultural news publications; Royal Van Lent, the builder of high-end yachts number of exclusive brand launches and store renovations. The Maison will focus on developing its "Only at Sephora" selection and brand collaborations, following the model of Rhode, which will continue to be rolled out. Its omnichannel strategy will be further reinforced to ensure a seamless user experience and personalized, high-quality advice at every step of the customer journey, notably through the global rollout of its skin scan and shade finder tools. The Maison will continue to inspire its community, with the now iconic "Sephoria" event to be held in a number of capital cities, and to reward customers, with the rollout of the "My Sephora" loyalty program. Spurred on by the conviction that its people, and in particular its beauty advisors, are the key to its success and its ability to deliver excellence in the customer experience, the Maison will continue to prioritize career development and training, with Sephora University and advanced new tools underpinned by technology and artificial intelligence. Lastly, the Maison's commitment will be embodied in initiatives promoting inclusion - a core component of its global mission. DFS will further focus on its clienteling activities, showcase its selection of high-quality products and launch targeted initiatives. An agreement was signed in January 2026 with China Tourism Group Duty Free to acquire DFS' business in Greater China, in particular the Gallerias in Hong Kong and Macao. Le Bon Marché will strive to further enhance the quality of its exclusive selection focused on desirability and uniqueness. The Maison will launch a new loyalty program in September 2026 to attract and satisfy an ever more demanding customer base. The legendary department store on the Left Bank of the Seine will continue to host unique artistic events, starting with an exhibition by Chinese artist Song Dong, a major figure in contemporary art. La Grande Épicerie de Paris will showcase regional specialties and develop its range of artisanal products and services. marketed under the brand name Feadship; and Cheval Blanc and Belmond, which operate a collection of exceptional hotels and hospitality activities. ‌Sustainability Report General information 27 General framework for preparation of the Sustainability Report 28 Governance 30 Strategy 34 Identifying impacts, risks and opportunities 46 Environment 59 General environmental policy 60 Climate change (LIFE 360 - Climate) 67 Pollution 92 Water and marine resources (LIFE 360 - Water) 106 Biodiversity and ecosystems (LIFE 360 - Biodiversity) 110 Resource use and circular economy (LIFE 360 - Circular Design) 124 Environmental taxonomy 137 Social 143 Own workforce 144 Workers in the value chain 169 Affected communities 177 Customers and end-users 183 Governance 193 Business conduct 194 Appendices 211 Due diligence statement 212 Disclosure Requirements in ESRS covered by the undertaking's sustainability statement 216 Datapoints required by other EU legislative acts 221 Report on the certification of sustainability reporting and environmental taxonomy disclosures 227 ‌Sustainability Report General information General framework for preparation of the Sustainability Report 28 Basis for preparation of the Sustainability Report 28 Disclosures in relation to specific circumstances 29 Governance 30 Role of administrative, management and supervisory bodies 30 Information provided to and sustainability matters addressed by the Group's administrative, management and supervisory bodies 30 Integration of sustainability-related performance in incentive schemes 32 Risk management and internal controls related to the Sustainability Report 33 Strategy 34 Strategy, presentation of the Group and its activities 34 Involving stakeholders 37 Responsible, sustainable model for value creation 43 Identifying impacts, risks and opportunities 46 Method for identifying and assessing impacts, risks and opportunities 46 Material impacts, risks and opportunities and relationship to strategy and business model 48 ‌Given that the businesses of the Christian Dior Group encompass those of the LVMH Group, the workforce of the Christian Dior Group is strictly identical to that of the LVMH Group, and the Christian Dior Group has no specific material impacts, risks and opportunities in addition to those of the LVMH Group, the description and implementation of policies, actions, targets and indicators as well as the information required by ESRS relevant to the Christian Dior Group are identical to those relevant to the LVMH Group, with the exception of governance matters. Consequently, in the interest of simplifying the presentation of this Sustainability Report, references to the LVMH Group should be read as references to the Christian Dior Group. General framework for preparation of the Sustainability Report Basis for preparation of the Sustainability Report The Sustainability Report for fiscal year 2025 has been drawn up in accordance with Directive (EU) 2022/2464 as regards corporate sustainability reporting (CSRD), as transposed into French law in Order No. 2023-1143 of December 6, 2023. Annual sustainability disclosures are prepared in accordance with European Sustainability Reporting Standards (hereinafter "ESRS"), Article L. 233-28-4 of the French Commercial Code and the Taxonomy Regulation. In accordance with Delegated Act 2025/1416 adopted by the European Commission on July 11, 2025 (the "quick fix" act), the Christian Dior Group adopted the transitional measures required for fiscal year 2025 (see §1.2). Application for fiscal year 2025 The Sustainability Report is based on the ESRSs in force and the various recommendations of the ESMA and EFRAG as of the date of preparing the statement. The information it contains has been prepared in an evolving regulatory environment characterized by a desire to clarify and simplify the implementation of disclosure obligations. In particular, some information is sensitive to methodological choices, assumptions and/or estimates used in their preparation and to the quality of the external data used. This concerns primarily disclosures relating to the value chain and the climate impact (Scope 3) and water impact associated with the Group's activities. Such assumptions, estimates or other forms of judgment made on the basis of the information available or the situation prevailing at the date at which the Sustainability Report is prepared may subsequently prove different from actual events. As a result, the targets, objectives, means of action and results set out in the paragraphs relating to the topical ESRSs are based on indicators that depend on assumptions and estimates associated with changes in methodology and the level of scientific knowledge. Other disclosures cannot be estimated due to the complex nature of EU regulations, the level of scientific understanding and limited access to reliable data from a number of internal and external sources. This is the case for qualitative disclosures concerning substances of concern and releases of pollutants. As explained below, the scope of consolidation for the sustainability statement is the same as for the Group's consolidated financial statements, with the exception of the fiscal year's acquisitions. The Group is working on expanding this scope to include activities under operational control, as specified in ESRS E1, E2 and E4 (e.g. GHG emissions, quantities of pollutants and sites associated with material biodiversity matters), pending application guidelines from standards-setting bodies and market practices. Scope of consolidation The Group's operations covered by this Sustainability Report correspond to the activities of the parent company and fully consolidated subsidiaries, apart from acquisitions carried out in the course of the year, which can take up to 12 months to include in the Group's consolidated sustainability reporting. Acquisitions during the period are presented in the Group's consolidated financial statements (see Financial statements - "Consolidated financial statements", Note 2). The effect of these acquisitions on the Group's 2025 data, calculated on a pro rata basis as of the date of acquisition, is deemed insignificant. Jointly controlled companies and companies where the Group has significant influence but no controlling interest and those accounted for using the equity method are considered part of the Group's value chain. Certain paragraphs of the Sustainability Report provide more specific details on sustainability information related to the Group's value chains, both upstream (Group suppliers in particular) and downstream with customers (see §4 below, "Method for identifying impacts, risks and opportunities"). In preparing the Sustainability Report, the Group did not use the options provided by ESRS 2-BP-1 §5-d and e. ‌Disclosures in relation to specific circumstances As part of the process of drawing up the Sustainability Report, certain information requires the use of time horizons, assumptions, estimates or other forms of judgment. Time horizons In accordance with ESRS 1, the Group applies the following time horizons: one year (short-term), in line with the Group's financial statements; two to five years (medium-term); more than five years (long-term). Use of transitional provisions In accordance with ESRS 1, the Group has opted to apply the following transitional measures: value chain: The Group has made partial use of the phase-in provisions permitted related to quantitative and qualitative information about its value chain. However, this sustainability statement mayuseestimatesfor information reported concerning the Group's upstream or downstream value chain. These estimates are detailed in the ESRS topic-specific sections with their definition, calculation method, scope, level of accuracy and, where applicable, how they could be improved; phased-in disclosure requirements: The Group has adopted all the phase-in provisions linked to the anticipated financial effects from risks and opportunities related to the five ESRS environmental standards (as presented in the table below) as well as those under ESRS S1 - "Own workforce", solely for non-employees and only the information relating to the percentage of employees taking part in career reviews, for all employees (as presented in the table below). ESRS Disclosure Requirement Full name of the Disclosure Requirement ESRS E1 E1-9 Anticipated financial effects from material physical and transition risks and potential opportunities related to climate change ESRS E2 E2-6 Anticipated financial effects from risks and opportunities related to pollution ESRS E3 E3-5 Anticipated financial effects from risks and opportunities related to water and marine resources ESRS E4 E4-6 Anticipated financial effects from risks and opportunities related to biodiversity and ecosystems ESRS E5 E5-6 Anticipated financial effects from risks and opportunities related to resource use and circular economy ESRS S1 S1-7 Characteristics of non-employee workers in the undertaking's own workforce ESRS S1 S1-11 Social protection ESRS S1 S1-13 Training and skills development (including percentage of employees taking part in career reviews) ESRS S1 S1-14 Health and safety ESRS S1 S1-15 Work-life balance Changes in preparation or presentation of sustainability information The indicators are provided for fiscal year 2025 in comparison with fiscal year 2024 and the baseline year, where applicable. This information is provided in each topic-specific paragraph concerned, where applicable. The information required by GOV-4 "Statement on due diligence", DR IRO-2 "Disclosure Requirements in ESRS covered by the undertaking's sustainability statement", and ESRS 2 Appendix B "List of datapoints in cross-cutting and topical standards that derive from other EU legislation" has been moved to the appendix to the Sustainability Report to improve readability. Disclosures stemming from other legislation or generally accepted sustainability reporting pronouncements Where applicable, this sustainability statement sets out the recommendations followed under the TCFD (Task Force on Climate-Related Financial Disclosures) and TNFD (Taskforce on Nature-Related Financial Disclosures) frameworks. ‌Governance Role of administrative, management and supervisory bodies The Board of Directors is the strategic body of Christian Dior SE. Its key priorities are enterprise value creation and the defense of the Company's interests. It endeavors to promote long-term value creation by the Company and protecting its corporate interests, focusing in particular on the social, environmental and climate issues facing its business. The members of the Board of Directors and their skills and experience are presented in §1, "Administrative and management bodies" of the Corporate governance section. Its main assignments are as follows: set the Company's and the Group's broad strategic direction and ensure that it is put into practice, in particular, on the recommendation of Executive Management, as regards environmental and social responsibility, taking into account the climate issues faced by their businesses; promote a policy of economic development consistent with a corporate social responsibility approach based, in particular, on respect for human rights and protection of the environment in which the Group operates; monitor developments in markets, the competitive environment and the key strategic priorities facing the Group; ensure that the major risks to which the Company is exposed with regard to its structure and objectives are taken into account by management; monitor the performance of systems related to data protection and ethics; ensure that procedures to prevent corruption, particularly influence-peddling risks, are implemented; ensure that a non-discrimination and diversity policy is in place within the Group's governing bodies, the gender equality objectives of which it sets at the proposal of Executive Management; disseminate the shared values that guide the Company and its employees, and govern relationships with consumers as well as with partners and suppliers of the Company and the Group; ensure that the Group adapts to changes in the business environment, defines senior executives' responsibilities and delegated authority. Information provided to and sustainability matters addressed by the Group's administrative, management and supervisory bodies At Christian Dior level The Board of Directors has set up several committees, each specializing in a matter of importance: a committee in charge of performance audit and a committee in charge of governance and compensation. Each of the Board's committees is involved in the process of drawing up and monitoring the Company's and the Group's non-financial strategy with regard to the topics within their fields of expertise. The involvement of the administrative and management bodies and their work in relation to these sustainability matters are presented in the Corporate governance section, §1.2.2.5. These two committees may work together on matters concerning environmental, workforce-related and social responsibility. To that end, they may organize one or more joint meetings a year promoting a coordinated and consistent approach to work on these cross-cutting topics. Concerning environmental, workforce-related and social responsibility matters, the committees' main assignments are as follows: Performance Audit Committee monitor the process of preparing and checking sustainability information as well as the process implemented to determine which information to report pursuant to regulations; present the Board of Directors with the report drawn up by the firm tasked with certifying sustainability reporting; monitor and ensure the existence, pertinence and application of internal control, risk management (including social and environmental risks) and internal audit procedures, make recommendations to Executive Management on the priorities and general direction of Internal Audit, and analyze the Company's and the Group's exposure to risks, including social and environmental risks; verify the independence of the firm tasked with certifying sustainability reporting and monitor the performance of its assignment; review the environmental, workforce-related and social information contained in the Management Report of the Board of Directors and submit its opinion on this information to the Board. Governance & Compensation Committee identify, as part of the procedure for selecting Directors and in accordance with its diversity policy, the skills and expertise, particularly financial and non-financial, expected of potential Directors and considered key priorities for the Company; make proposals to the Board on the fixed, variable, exceptional, immediate and deferred compensation, benefits in kind, options and bonus shares to be awarded to (i) the Chairman of the Company's Board of Directors, its Chief Executive Officer and its Group Managing Director(s) and (ii) Directors and Advisory Board members who are employees of the Company or any of its subsidiaries by virtue of an employment contract; where applicable, it also issues an opinion on any consulting agreements entered into, either directly or indirectly, with these same individuals; discuss all matters related to corporate governance, and issue an opinion on the general policy for the allocation of options and bonus shares within the Group, and on its policy for employee savings and share ownership. At LVMH level The Board of Directors has set up several committees, each specializing in a matter of importance: a committee in charge of performance audit, a committee in charge of compensation, and a committee in charge of sustainability and governance. Each of the Board's committees is involved in the process of drawing up and monitoring the Company's and the Group's non-financial strategy with regard to the topics within their fields of expertise. The involvement of the administrative and management bodies and their work in relation to these sustainability matters are presented in the Corporate governance section, §1.2.2.5 of LVMH's Universal Registration Document. These three committees may work together on subjects concerning environmental, workforce-related and social responsibility. To that end, they may organize one or more joint meetings a year promoting a coordinated and consistent approach to work on these cross-cutting topics. Concerning environmental, workforce-related and social responsibility matters, the committees' main assignments are as follows: Performance Audit Committee monitor the process of preparing and checking sustainability information as well as the process implemented to determine which information to report pursuant to regulations; present the Board of Directors with the report drawn up by the firm tasked with certifying sustainability reporting; monitor and ensure the existence, pertinence and application of internal control, risk management (including social and environmental risks) and internal audit procedures, make recommendations to Executive Management on the priorities and general direction of Internal Audit, and analyze the Company's and the Group's exposure to risks, including social and environmental risks; verify the independence of the firm tasked with certifying sustainability reporting and monitor the performance of its assignment; oversee the procedure for selecting the Company's Statutory Auditors, as well as the procedure for selecting the firms responsible for certifying sustainability reporting; and make recommendations on appointments to be proposed at Shareholders' Meetings. Compensation Committee issuerecommendations regarding thequalitativeandquantifiable criteria applied to the variable portion of compensation for senior executive officers, which will take account, besides financial objectives (quantifiable), of strategic and managerial criteria (qualitative) as well as criteria related to corporate social responsibility and sustainability (quantifiable and qualitative), including one criterion directly related to the undertaking's climate objectives; periodically assess whether financial and non-financial criteria are met. These assessments will then be used to determine the variable portion of compensation paid to senior executive officers and define, where applicable, the conditions to be met for them to exercise their options to subscribe for or buy shares and vest the bonus shares, subject to performance conditions, awarded to them. ‌Sustainability & Governance Committee Sustainability assist the Board of Directors in defining the Company's and the Group's broad strategic direction with regard to ethical, workforce-related, environmental and climate-related matters, and ensure that it is put into practice; assist in defining and ensuring compliance with the rules and values laid down in the LVMH Code of Conduct, which must be followed by senior executives and employees, as well as other codes and charters resulting from that Code; review the performance of systems related to (i) the privacy of customers and employees, and (ii) ethics and compliance; monitor the functioning of whistleblowing systems put in place within the Group and ensure the implementation and monitoring of systems related to duty of vigilance and respect for human rights; review the environmental, workforce-related and social information contained in the Management Report of the Board of Directors and submit its opinion on this information to the Board. Governance identify, as part of the procedure for selecting Directors and in accordance with its diversity policy, the skills and expertise, particularly financial and non-financial, expected of potential Directors and considered key priorities for the Company; give its opinion on the diversity policy applicable to members of the Board of Directors, the gender equality policy applicable to the Group's governing bodies, the description of the goals of those policies, the terms of their implementation and the results obtained over the fiscal year covered to prepare the Board of Directors' report on corporate governance; discuss all matters related to corporate governance, and issue an opinion on the gene...

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