Hermès International (RMS) Q3 2026 TU earnings summary

Executive summary

• Nine-month revenue reached €12.260bn, up 5.5% at constant exchange rates and 2.9% at current rates; Q3 revenue was €4.096bn, up 4.3% and 5.5%, respectively.

• Growth continued amid macroeconomic, geopolitical and monetary challenges, supported by the artisanal model, creativity and client loyalty.

• Americas, Japan and Europe excluding France were particularly dynamic; the Middle East was the only region to decline.

• Investment continued in production capacity and the distribution network.

Financial highlights

• Nine-month revenue was €12.260bn versus €11.916bn in 2025; constant-currency growth was 5.5% and reported growth was 2.9%.

• Q3 revenue was €4.096bn versus €3.881bn in 2025; constant-currency growth was 4.3% and reported growth was 5.5%.

• H1 revenue was €8.163bn, up 6.1% at constant exchange rates; net profit, Group share, was €2.238bn, or 27.4% of revenue.

• Currency movements reduced nine-month revenue by €310m.

Outlook and guidance

• Medium-term revenue growth objective at constant exchange rates remains ambitious despite global economic, geopolitical and monetary uncertainties.

• October trends were unchanged from late Q3 across regions, including China; the Q3 China slowdown may affect Q4, with its extent uncertain.

• 2027 price increases are expected to be slightly below 2026 and remain undecided; 4%–5% was described as potentially meaningful to offset input and wage costs.

• No larger store-network scope effect is expected in 2027, with no openings comparable to this year's Bond Street and Geneva projects.

• January 2027 plans include Grace Wales Bonner's first men's ready-to-wear collection and Couture by Nadège Vanhée; Q4 U.S. activity includes Manhasset's opening and events in Miami and New York.