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 challenging macroeconomic, geopolitical and monetary conditions; the Middle East was the only region in decline.

• Creativity, client loyalty and the artisanal model supported performance; investment continued in production capacity and distribution.

Financial highlights

• Nine-month revenue was €12.260bn versus €11.916bn in 2025; Q3 revenue was €4.096bn versus €3.881bn in 2025.

• Currency movements reduced nine-month revenue by €310m; 2026 currency exposure was fully hedged, with an impact on operating margin.

• Q3 revenue was equivalent in value to each of Q1 and Q2, following a dynamic first quarter; online sales grew more slowly than retail.

Outlook and guidance

• October trends were unchanged from late Q3 across regions, including China; the Q3 slowdown’s effect on Q4 remained uncertain.

• 2027 price increases were expected to be slightly below 2026 levels; 4%–5% was discussed but not finalized.

• 2027 store-network scope impact was not expected to exceed the usual 1%–1.5%; no openings on the scale of Bond Street or Geneva were planned.

• Medium-term revenue growth objective at constant exchange rates remained ambitious despite global uncertainties.

• Communication spending will remain significant; hiring will prioritize production capacity and new stores, with greater caution on support functions.