Hermès International: 2025 Full-Year Results

About this update from Hermes International Sca

                         Revenue exceeded the €16 billion threshold and operating income up 7% Paris, 12 February 2026 The group’s consolidated revenue amounted to €16 billion in 2025, up 9% at constant exchange rates and 5.5% at current exchange rates compared to 2024. Recurring operating income amounted to €6.6 billion (41% of sales), up 7%. Net profit (group share) reached €4.5 billion, up 5.5%, excluding the exceptional contribution on the profits of large companies in France, at the same pace as sales. In the fourth quarter, sales reached €4.1 billion, increasing by 10% at constant exchange rates, as in the previous quarter. Sales growth was solid across all the geographical areas against a particularly high comparison basis. Europe, Japan, the Americas and the Middle East recorded double-digit growth. Axel Dumas, Executive Chairman of Hermès, said: “The Hermès model based on an exclusive and qualitative network, as well as strong vertical integration, has once again proven successful. This distinctive strategy has enabled the house to achieve robust revenue growth and strong performance. I warmly thank the Hermès teams who share our commitment to uncompromising quality as well as our customers for their loyalty. In an uncertain environment, Hermès is moving into 2026 with confidence, underpinned by its creativity and exceptional savoir-faire.” Sales by geographical area at the end of December (at constant exchange rates unless otherwise indicated) At the end of December 2025, all the geographical areas posted strong growth. The distribution network continued its qualitative expansion, with store openings and extensions. Sales by sector at the end of December (at constant exchange rates unless otherwise indicated) At the end of December 2025, all the métiers posted growth, with the exception of the Perfume & Beauty and Watches métiers. Solid results and strong cash generation Recurring operating income amounted to €6.6 billion, up by 7% from €6.2 billion in 2024. Despite the negative impact of currency effects, recurring operating profitability improved and reached 41%, compared to 40.5% in 2024. Consolidated net profit (group share), which includes the exceptional contribution on the profits of large companies in France, amounted to €4.5 billion, compared to €4.6 billion in 2024. Adjusted for this exceptional contribution, consolidated net profit (group share) amounted to €4.86 billion, up by 5.5%, at the same pace as sales growth. Cash flow from operating activities reached €5.4 billion, up 5%. Excluding the exceptional contribution on profits, it increased by 11%. After operational investments (€1.2 billion) and repayment of lease liabilities (€0.3 billion), the adjusted free cash flow reached €3.9 billion. After distribution of dividends of €2.8 billion, the restated net cash position amounted to €12.8 billion at the end of December 2025, compared to €12.0 billion at the end of December 2024. A responsible, sustainable model Hermès continues to create employment and increased its workforce by more than 1,300 people, including 800 in France. At the end of 2025, the group employed 26,494 people, including 16,349 in France. Over the past three years, Hermès has created nearly 6,200 jobs, including more than 3,500 in France. True to its willingness to share the fruits of growth, Hermès announced a €120 gross monthly increase for all employees in France, in addition to individual raises. In addition, the house will be giving out a bonus of €3,000 in March to all its employees worldwide in respect of 2025. Committed to excellence in craftsmanship and its transmission, the group has opened two new Hermès École des savoir-faire schools in France, bringing the total number of training facilities to twelve. Hermès has continued its action for the climate in line with the goals defined for 2030 and validated by the Science Based Target initiative (SBTi). Since 2018, scopes 1 and 2 have seen a 69% reduction in absolute value, while scope 3 has decreased by 58% in intensity 1 . The house’s environmental approach is reflected in the implementation of Hermès’ particularly demanding responsible real-estate standard, which brings together best practices from across the market: a distinctive and demanding methodology designed to reconcile environmental, social and local anchoring performance. The sustainable and responsible dimension of the Hermès artisanal model was recognised in its Sustainalytics rating, rewarded in July with the CAC 60 Large-Cap Grand Prix at the Transparency Awards , and through the house’s inclusion, for the fourth consecutive year, in the CDP “A List”. These results bear witness to Hermès’ strong commitments and values. Proposed dividend At the General Meeting to be held on 17 April 2026, a dividend of €18.00 per share will be proposed. The €5.00 interim dividend, to be paid on 18 February 2026, will be deducted from the dividend approved by the General Meeting. Other highlights At the end of December 2025, currency fluctuations represented a significant negative impact of €515 million on revenue. Hermès International did not redeem any shares, except for transactions completed within the framework of the liquidity contract. Outlook In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. In a still uncertain economic and geopolitical context, the group has moved into 2026 with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients. Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication. The theme of the year for 2026, Venture beyond , is an invitation to discover new horizons and renew our curiosity, constantly. The press release and the presentation of the 2025 results are available on the group’s website: https://finance.hermes.com At the Supervisory Board meeting on 11 February 2026, Executive Management presented the audited financial statements for 2025. The audit procedures have been completed and the audit report is under preparation. The procedures for the verification of sustainability information are underway. The complete consolidated financial statements will be available by 31 March 2026 at the following address https://finance.hermes.com and on the AMF website: www.amf-france.org          Upcoming events: 2025 KEY FIGURES (1)    Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period. (2)    Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the group’s economic performance. (3)    Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows). (4)             Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16. (5)             The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities. (6)    Permanent + fixed-term employment contracts with no length of service condition . * 30.3% in 2025 after restatement of the exceptional contribution on the profits of large companies in France. REVENUE BY GEOGRAPHICAL AREA ( 1 ) ( 1 ) Sales by destination. revenue by sector (1) The “Leather Goods and Saddlery” business line includes women’s and men’s bags, travel items, small leather goods and accessories, saddles, bridles and all equestrian objects and clothing. (2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery , gloves, hats and shoes. (3) The “Other Hermès sectors ” include Jewellery and Hermès home products (Art of Living and Hermès Tableware). (4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat . 2025 quarterly revenue -------------------------------------------------------------------------- Extra-financial performances APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2026 on the website https://finance.hermes.com, together with the other chapters of the Annual Financial Report. CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED BALANCE SHEET ASSETS LIABILITIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS REMINDER – FIRST HALF 2025 KEY FIGURES (1)   Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period. (2)   Recurring operating income is one of the main performance indicators monitored by G roup M anagement. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the group’s economic performance. (3)   Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows). (4)            Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16. (5)            The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities. (6)   Permanent + fixed‑term employment contracts with no length of service condition (23,242 published at the end of June 2024, excluding fixed-term contracts of less than 9 months, before the CSRD methodology change). * 31.2% in the first half of 2025 after restatement of the exceptional contribution on the profits of large companies in France. 1 In economic intensity, as a percentage of gross margin Attachment

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