LVMH (MC) investor relations material

Executive summary

• Revenue reached €38.6 billion in H1 2026, with 2% organic growth and acceleration to 3% in Q2, driven by strong performances in the US and Asia, and resilience in Europe.

• Profit from recurring operations was €8.7 billion, with an operating margin of 22.5%; net profit attributable to the Group was stable at €5.7 billion.

• Free cash flow stood at €4.1 billion, up 2% from H1 2025, supporting investments and dividends.

• Strong growth in the United States and Asia, with acceleration in Japan and South Korea; Middle East performance was negatively impacted by conflict.

• Substantial negative impact from currency fluctuations and macro instability.

Financial highlights

• Group revenue: €38.6B (+2% organic, -3% reported due to -5% currency and -1% perimeter impact); gross margin: €25.9B, up 30bps to 67.1%.

• Operating margin: 22.5%; EBIT: €8.7B; net profit group share: €5.7B, flat year-over-year; EPS: €11.52.

• Free cash flow: €4.1B; net financial debt: €8.2B, net debt/equity ratio: 11.8%.

• Operating investments totaled €2.1B.

• Interim dividend of €5.50 per share to be paid December 3, 2026.

Outlook and guidance

• Focus on strengthening iconic brands, enhancing desirability, operational efficiency, and selective investment.

• Wines & Spirits expected to grow at constant currencies in 2026, but at a slower pace than H1; full-year EBIT margin for this division to align with 2025 levels.

• Group-wide, anticipate similar FX margin impact in H2 as H1; revenue could see slight positive FX impact, offset by perimeter changes.

• Continued creative renewal and targeted investments in craftsmanship, quality, and retail networks.

• Despite ongoing geopolitical and economic uncertainties, confidence in long-term growth potential remains.