Christian Dior (CDI) Q2 2026 earnings summary

Executive summary

• Consolidated sales reached €38.6bn for H1 2026, down 3% as reported but up 2% organically, with Q2 organic growth accelerating and strong performance in the US and Asia (ex-Japan).

• Operating profit was €8.7bn, down 4% year-over-year, maintaining a high operating margin of 22.5%.

• Net profit attributable to the Group was stable at €2.4bn, with a slight increase in minority interests.

• Free cash flow from operations was robust at €4.1bn, up €71m year-over-year.

• All business segments showed resilience, with Watches & Jewelry and Selective Retailing posting organic growth.

Financial highlights

• Gross margin was €25.9bn (67.1% of sales), up 0.3pp year-over-year.

• Operating margin stood at 22.5%, stable year-over-year.

• Net financial debt was €8.1bn at June 2026; equity increased by 4% to €67.2bn.

• Free cash flow from operations was €4.1bn, up 2% year-over-year.

• Dividend interim payment of €6.05 per share scheduled for December 2026.

Outlook and guidance

• Management expects continued focus on cost control, brand desirability, and investments in innovation and distribution.

• Selective Retailing and Watches & Jewelry anticipate further expansion and new store openings.

• The Group remains cautious due to ongoing geopolitical and currency uncertainties.