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Richemont (CFR) investor relations material
Richemont H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary14 Nov, 2025
Executive summary
Sales reached €10.6 billion for H1-26, up 10% at constant rates and 5% at actual rates, with Q2 accelerating to +14% at constant rates.
Operating profit rose 7% to €2.4 billion (24% at constant rates), with a 22.2% operating margin, supported by strong sales and cost discipline.
Profit from continuing operations was €1.8 billion, up 4% year-over-year, reflecting the non-recurrence of a prior-year loss from discontinued operations.
Net cash position stood at €6.5 billion after a €1.9 billion dividend payout, with €1.9 billion generated from operating activities.
Maintained financial discipline and agility to navigate macroeconomic and geopolitical headwinds, including FX volatility and higher raw material costs.
Financial highlights
Jewellery Maisons sales grew 9% (14% at constant rates) to €7.7 billion, with a 32.8% operating margin and double-digit Q2 growth.
Specialist Watchmakers sales declined 6% (down 2% at constant rates) to €1.6 billion, with a 3.2% operating margin; Q2 returned to growth.
'Other' business area sales were down 1% (up 2% at constant rates) to €1.3 billion, posting a €42 million operating loss.
Gross profit increased 2% to €6.9 billion, with gross margin at 65.3% (down 190 bps year-over-year, mainly due to FX and gold costs).
Free cash flow reached €1 billion, up €0.8 billion year-over-year.
Outlook and guidance
Management remains confident in long-term prospects but refrains from providing short-term sales guidance due to ongoing uncertainty.
Anticipates a greater negative impact from U.S. tariffs in H2, with a full-year adverse effect estimated at €0.3 billion if current rates persist.
Expects continued investment in brand equity, quality locations, and manufacturing capacity, while maintaining cost discipline.
Watchmakers' margin recovery strategy?
Mitigating €0.3B US tariff impact?
Path to profitability for 'Other' business?
Tariff impact on H2 gross margin
Evolving China luxury consumer behavior
K-shaped market impact on product demand
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Q3 2026 TU16 Jan, 2026
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Frequently asked questions
Swiss Luxury Group
Richemont, officially known as Compagnie Financière Richemont SA, is a Swiss company with global operations. It primarily focuses on the luxury goods sector, with a product range that includes high-end jewelry, watches, and writing instruments. The company owns and operates several luxury manufacturers and fashion houses, each with a distinct identity. It is headquartered in Bellevue, Switzerland, and its shares are listed on the SIX and the JSE.
From Tobacco to Luxury
Johann Rupert, a South African businessman, founded Richemont in 1988 as a spin-off of the international assets of Rembrandt Group Limited. Rembrandt Group was established by his father and had initially been focused on tobacco. The story of Richemont’s foundation and how the modern form of the company came to be is incredibly interesting, and a full rundown can be found here.
From the start, Richemont focused on luxury goods, especially in the jewelry, watches, and leather goods sectors. In the following years, Richemont embarked on a series of acquisitions to expand its portfolio and firmly establish itself in the luxury industry.
The Luxury Strategy
The conglomerate's strategy hinges on the autonomy of its brands, enabling them to maintain their individuality and unique craftsmanship while benefiting from Richemont's resources, expertise, and global distribution network. This balance is a deliberate strategy, aimed at preserving the brands' heritage and exclusivity while fostering innovation and operational efficiency. This strategy is similar to one employed by other companies in the industry, with LVMH and Kering being notable examples.
Notable Brands
Some of the more well-known brands under the company’s ownership are as follows:
Cartier: This is perhaps the most recognizable brand that Richemont owns, and Cartier has been making jewelry since the mid-1800s.
Vacheron Constantin: Often counted as one of the absolute best in ultra-luxury watches, Vacheron Constantin is among the most well-respected watchmakers in the world.
Montblanc: Primarily a manufacturer of pens and watches. The brand's writing instruments are regarded as some of the best in the world, but the company also produces various leather goods.
This list merely scratches the surface, and other notable brands include Chloé, Panerai, Dunhill, Peter Millar, A Langhe & Söhne, and Delvaux.
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