LVMH (MC) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of scrutineers and secretary, acknowledgment of stable venue and legal formalities, and presence of key executives and board members.

• Agenda included financial review, board updates, governance, and Q&A.

Financial performance review

• 2024 revenue reached €84.7 billion, with 1% organic growth, but negative scope and currency effects.

• Operating profit was €19.6 billion, down 14%, with a margin of 23.1%; net profit group share was €12.6 billion, down 17%.

• Free cash flow rose to €10.5 billion, up 29%, and net debt decreased to €9.2 billion.

• Revenue mix remained balanced geographically, with double-digit growth in Japan and stable performance in Europe and the US.

• Selective Retailing and Perfumes & Cosmetics grew, while Wines & Spirits and Fashion & Leather Goods declined; exchange rates negatively impacted profit.

Board and executive committee updates

• Four executive committee members departed in 2024, each with over 20 years' tenure; successors were internal promotions, reflecting generational renewal.