Christian Dior (CDI) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €39.8bn, down 4% year-over-year, with all major segments except selective retailing declining or stable; operating income and net profit also fell significantly.

• Profit from recurring operations was €9bn, with an operating margin of 22.6%.

• Net profit (group share) was €2.37bn, down 22% year-over-year.

• Free operating cash flow increased to €4.03bn, up 29% year-over-year.

• Local demand remained solid in Europe and the US, while Japan declined after a prior year tourist surge.

Financial highlights

• Revenue: €39.8bn, down 4% year-over-year; organic decline of 3%.

• Operating income: €9.0bn, down 15% year-over-year; operating margin at 22.6%.

• Net profit (group share): €2.37bn, down 22% year-over-year.

• Gross margin: €26.6bn (66.8% of sales), down 2 pts year-over-year.

• EPS: €13.14, down from €16.76 a year earlier.

Outlook and guidance

• Management remains confident in brand strength and long-term strategy, but notes persistent macroeconomic and geopolitical uncertainties.

• Continued focus on innovation, selective investments, and cost discipline; expects ongoing challenges in key markets, especially Asia and the US.

• Interim dividend of €6.05 per share scheduled for December 2025.