LVMH (MC) AGM 2026 summary

Opening remarks and agenda

• Meeting formally opened with appointment of scrutineers and secretary, confirmation of written Q&A process, and presentations from key executives and auditors.

• Agenda included approval of 2025 financial statements and responses to shareholder questions.

Financial performance review

• 2025 revenue reached €80.8bn, down 1% organically, with profit from recurring operations at €17.8bn, down 9%.

• Operating free cash flow increased by 8% to €11.3bn; operating investments totaled €4.6bn.

• Net profit, Group share, was €10.9bn, a 13% decrease from the previous year.

• Operating margin at 22%, above historical average; net debt reduced to €7bn, 9.9% of equity.

• Geographic sales split: Europe, U.S., and Asia each at 26%; Japan at 8%; other markets at 14%.

• Wines & Spirits and Fashion & Leather Goods saw 5% organic declines; Selective Retailing and Watches & Jewelry grew 4% and 3% respectively.

• Exchange rate fluctuations significantly impacted profit, especially in H2.

• Q1 2026 showed 1% organic growth, with revenue at €19bn, down 6% due to FX.

Board and executive committee updates

• Leadership highlighted across divisions, with notable mentions for Fashion & Leather Goods, Wines & Spirits, Dior, Watches & Jewelry, Cosmetics, and Selective Retailing.

• Several family members and long-standing executives recognized for their roles and succession planning.