2025 UNlVEkSAL
kEGlSTkATlON DOCUMENT
JJ'JCLIJD/NG THE ANNUAL FINANCIAL REPORT
HERMES
PAR5
PRESENTATION OF THE GROUP | CONSOLIDATED FINANCIAL STATEMENTS | 363 | ||
AND ITS RESULTS | 9 | 5.1 Consolidated income statement | 364 | |
1.1 Six generations of craftspeople | 10 | 5.2 | Consolidated statement of comprehensive income | 364 |
1.2 Group governance | 13 | 5.3 | Consolidated balance sheet | 365 |
1.3 Strategy | 14 | 5.4 | Consolidated statement of changes in equity | 366 |
1.4 Simplified organisation chart and Group locations | 17 | 5.5 | Consolidated statement of cash flows | 367 |
1.5 Key financial and non-financial figures | 24 | 5.6 | Notes to the consolidated financial statements | 368 |
1.6 Revenue and activity by métier | 27 | 5.7 | Statutory Auditors' report on the consolidated financial | |
1.7 Revenue and activity by geographical area | 36 | statements | 409 | |
1.8 Comments on the consolidated financial statements | 39 | |||
6.1 | Income statement | 416 | ||
6.2 | Balance sheet | 417 | ||
CORPORATE GOVERNANCE | 47 | 6.3 | Changes in equity | 419 |
Supervisory Board report on corporate governance | 49 | 6.4 | Notes to the financial statements | 420 |
2.1 The Company's corporate governance code | 49 | 6.5 | Statutory Auditors' report on the financial statements | 439 |
2.2 Ambitious and balanced governance | 52 | 6.6 | Table of results over the last five years | 443 |
2.3 Administrative and management bodies | 55 | 6.7 | Information on payment terms | 444 |
2.4 Organisation of the Supervisory Board | 66 | 6.8 | Other information on the parent company financial | |
2.5 Functioning of the Supervisory Board | 107 | statements | 445 | |
2.6 Specialised committees | 117 | |||
Presentation of Hermès International 448
Information on share capital and shareholders 457
Dividend policy 468
Stock market information 469
Shareholder information 473
Agenda 480
Explanatory statements and draft resolutions 482
Supervisory Board report to the Combined General
Meeting of 17 April 2026 504
Statutory Auditors' reports 506
Persons responsible for the universal registration
document 514
Persons responsible for auditing the financial statements 515
Consultation of regulatory information 515
Information included by reference 516
Cross-reference tables 518
Glossary 533
Significant events since the end of the financial year
Outlook
Philanthropy
40
41
43
Evaluation of the Supervisory Board and committees
Compensation and benefits of Corporate Officers
Other information
125
126
148
2.10 Other information from the Executive
Management report 154
RISK FACTORS AND MANAGEMENTRisk factors
Insurance policy and risk hedging
Risk management, internal control and internal audit
158
181
182
SUSTAINABILITY REPORTSustainability information
Report on the certification of sustainability information
Duty of Vigilance
Cross-reference tables and additional information
194
337
342
345
The French language version of this Document d'Enregistrement Universel (universal registration document) was filed on
19 March 2026 with the French Financial Markets Authority (Autorité des Marchés Financiers), as the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regulation.
This Document d'Enregistrement Universel (universal registration document) may be used for the purposes of a public offer of financial securities or the admission of financial securities to trading on a regulated market only if supplemented by a transaction note and, if applicable, a summary and all amendments to the Document d'Enregistrement Universel (universal registration document). The group of documents then formed is approved by the French Financial Markets Authority in accordance with Regulation (EU) 2017/1129.
2025 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL 1
2 2025 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL
2025
UNIVERSAL REGISTRATION DOCUNIENT
2025 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL 3