Richemont (CFR) Q3 2025 TU earnings summary

Executive summary

• Achieved record Q3 sales of €6.2bn, up 10% year-over-year at constant and actual FX.

• Double-digit sales growth in Americas (+22%), Europe (+19%), Japan (+19%), and Middle East & Africa (+20%) at constant FX; Asia Pacific declined 7% due to weak demand in Mainland China.

• Jewellery Maisons led growth with a 14% increase; Specialist Watchmakers declined 8%; Other business area up 11%.

• Retail channel drove performance, up 11%, now representing 71% of Group sales.

• Robust net cash position of €7.9bn, up from €6.8bn at end December 2023.

Financial highlights

• Q3-25 sales reached €6.2bn, representing a 10% increase year-over-year at both constant and actual FX.

• Jewellery Maisons sales rose 14% to €4.5bn; Other segment up 11% to €0.8bn; Specialist Watchmakers declined 8% to €0.9bn.

• Nine-month sales totaled €16.2bn, up 4% at constant and 3% at actual exchange rates.

• Net cash position increased to €7.9bn as of 31 December 2024, up from €6.8bn a year earlier.

• YNAP (discontinued operations) sales declined 15% for both Q3 and nine months.

Outlook and guidance

• Management continues to invest in long-term growth prospects for Maisons.

• Forward-looking statements highlight risks from macroeconomic, geopolitical, and consumer demand factors.