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2026 First - Half Results July 27, 2026 Christian Dior
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This document may contain certain forward - looking statements, which are based on estimations and forecasts . By their nature, these forward - looking statements are subject to significant risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH’s Universal Registration Document, which is available on the website ( www . lvmh . com ) . These forward - looking statements should not be considered as a guarantee of future performance ; actual results could differ materially from those expressed or implied by them . The forward - looking statements only reflect LVMH’s views as of the date of this document, and LVMH does not undertake to revise or update these forward - looking statements . The forward - looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements . The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities . Disclaimer 2
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Acceleration in Q2, solid results in H1 3 REVENUE PROFIT FROM RECURRING OPERATIONS OPERATING FREE CASH FLOW € 38.6 bn € 8.7 bn € 4.1 bn H1 +2 %* * Organic growth vs. same period in 2025 OPERATING MARGIN 22.5% NET DEBT TO EQUITY RATIO (GEARING) 11.8 % 2026 First - Half Results OPERATING INVESTMENTS € 2.1 bn Q2 +3 %*
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Acceleration in Q2, solid results in H1 2026 First - Half Results 4 Strong growth in the United States and Asia Acceleration in Japan and South Korea Middle East affected by the conflict Substantial negative impact of exchange rate fluctuations Watches & Jewelry Excellent performance by the Jewelry Maisons Success of iconic lines Perfumes & Cosmetics Growth for historic Maisons Sephora Strong growth across all markets Wines & Spirits Signs of recovery in champagne and cognac Fashion & Leather Goods Organic growth in Q2 Accelerating growth at Christian Dior Successful innovations driven by creative renewal
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Louis Vuitton Louis Vuitton Business group highlights 01
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Wines & Spirits 6 BUSINESS GROUP HIGHLIGHTS 2026 First - Half Results Hennessy
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Wines & Spirits – Return to growth in H1 Wines & Spirits – Change in revenue and profit from recurring operations (in millions of euros) 7 Cognac & Spirits Champagne & Wines 2026 First - Half Results – Wines & Spirits Profit from recurring operations Operating margin +11 % 20.3 % 22.4 % Revenue +0 % +5% organic 1 397 1 424 1 190 1 173 H1 2025 H1 2026 2 598 2 588 261 311 264 271 H1 2025 H1 2026 582 524
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8 Cognac & Spirits ⎯ Positive momentum for Hennessy in China, successful Chinese New Year ⎯ Launch of V.S. ready - to - serve cocktail range in the United States ⎯ Good performance and ongoing innovation for Glenmorangie and Belvedere Champagne & Wines ⎯ Signs of recovery in champagne, particularly in Europe and Japan ⎯ Good performance by prestige cuvées ⎯ Solid momentum in rosé; 20th anniversary of Whispering Angel , Château d’Esclans ⎯ Promising results for the new low - alcohol Chandon Spritz range 2026 First - Half Results – Wines & Spirits Wines & Spirits – Signs of recovery; ongoing cost control +7% REVENUE: CHAMPAGNE & WINES Organic +3% REVENUE: COGNAC & SPIRITS Organic
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Fashion & Leather Goods 9 BUSINESS GROUP HIGHLIGHTS Christian Dior 2026 First - Half Results
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19 115 18 146 H1 2025 H1 2026 Fashion & Leather Goods – Sequential acceleration and high level of operating margin Fashion & Leather Goods – Change in revenue and profit from recurring operations (in millions of euros) 10 2026 First - Half Results – Fashion & Leather Goods Profit from recurring operations - 7% 34.7% 34 .1 % Revenue - 5 % Operating margin - 1% organic 6 636 6 195 H1 2025 H1 2026 Q2 organic growth : +1%
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Fashion & Leather Goods – Organic growth in Q2 11 Louis Vuitton ⎯ Good performance of collections by Nicolas Ghesquière and Pharrell Williams ⎯ 130th anniversary of the Monogram canvas ⎯ Success of new stores: LV The Place Seoul and Maison Louis Vuitton Beijing Sanlitun Christian Dior Couture ⎯ Success of ready - to - wear and leather goods designs by Jonathan Anderson ⎯ New Diorissima high jewelry collection designed by Victoire de Castellane ⎯ Opening of Bamboo Pavilion in Tokyo and House of Dior in Osaka ( Shinsaibashi ) Loro Piana Strong growth; Nomadic Reverie collection presented in Milan Celine First bags and shows by Michael Rider well received Loewe Fashion shows by design duo Jack McCollough and Lazaro Hernandez; new Amazona 180 Fendi First collection designed by Maria Grazia Chiuri; new Baguette bag Givenchy Creative renewal led by Sarah Burton Rimowa Strong growth; launch of the Classic Titanium and Grid suitcases Berluti New Shadow sneaker; new designs in leather goods 2026 First - Half Results – Fashion & Leather Goods
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Perfumes & Cosmetics 12 BUSINESS GROUP HIGHLIGHTS 2026 First - Half Results Parfums Christian Dior
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4 082 3 914 H1 2025 H1 2026 Perfumes & Cosmetics – Stable organic revenue and improved operating margin Perfumes & Cosmetics – Change in revenue and profit from recurring operations (in millions of euros) 13 2026 First - Half Results – Perfumes & Cosmetics Profit from recurring operations - 2% 10.4% 10.6 % Revenue - 4 % Operating margin 0% organic 425 417 H1 2025 H1 2026
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Perfumes & Cosmetics – Good performance by historic Maisons 14 Parfums Christian Dior ⎯ Launch of J’Adore Intense , Addict fragrances and new scents in La Collection Privée ⎯ Solid momentum in makeup with Addict , Forever , Diorshow and Backstage ⎯ Good performance for Prestige skincare and its new Les Nectars d’Exception Maison Francis Kurkdjian Expansion of the Oud collection; spotlight on Baccarat Rouge 540 with Icon(s) documentary Loewe Perfumes New additions to the Landscape collection Acqua di Parma Launch of Colonia Il Profumo Millesimato for the Maison’s 110th anniversary 2026 First - Half Results – Perfumes & Cosmetics Guerlain Success of L’Art et La Matière and Aqua Allegoria Perle ; acceleration in makeup of Rouge G ; good results in skincare of Orchidée Impériale Parfums Givenchy Focus on development of L’Interdit Benefit Launch of The POREfessional Degunker , ongoing innovation in brow beauty
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Watches & Jewelry 15 BUSINESS GROUP HIGHLIGHTS Tiffany & Co. 2026 First - Half Results
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5 090 5 225 H1 2025 H1 2026 Watches & Jewelry – Very strong organic revenue growth and improvement in operating margin Watches & Jewelry – Change in revenue and profit from recurring operations (in millions of euros) 16 2026 First - Half Results – Watches & Jewelry Profit from recurring operations +9% 15.0% 15.9 % Revenue +3% Operating margin +9% organic 762 831 H1 2025 H1 2026
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Watches & Jewelry – Excellent performance in Jewelry 17 Tiffany & Co. Strong growth with: ⎯ Major success of iconic lines ⎯ Ongoing renovation of the store network ⎯ Excellent welcome for the Blue Book 2026 Hidden Garden high jewelry collection Bvlgari Strong growth in revenue ⎯ Record - breaking revenue for the Eclettica high jewelry collection; successful launch of Bvlgari Vimini ⎯ New brand ambassadors Dua Lipa and Jake Gyllenhaal ⎯ New designs at Watches & Wonders 2026 First - Half Results – Watches & Jewelry TAG Heuer Ongoing marketing activations under partnership with F1 Hublot Limited editions of Big Bang Zenith New models in the G.F.J. and Chronomaster lines Chaumet Ongoing development of Bee de Chaumet and Joséphine ; new collections A Journey Through Nature and Envol Fred 90th anniversary of the Maison; new Force 10 Rise and Chance Infinie designs
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Selective Retailing 18 BUSINESS GROUP HIGHLIGHTS 2026 First - Half Results Sephora
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8 620 8 406 H1 2025 H1 2026 Selective Retailing – Continued profitable growth Selective Retailing – Change in revenue and profit from recurring operations (in millions of euros) 19 2026 First - Half Results – Selective Retailing Profit from recurring operations +2% 10.2% 10.6 % Revenue - 2 % Operating margin +5% organic 876 893 H1 2025 H1 2026
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Selective Retailing – Strong growth for Sephora; sale of assets by DFS 20 Sephora ⎯ Strong growth ⎯ Ongoing success of exclusive brands ⎯ Market entries in Belgium and Croatia DFS ⎯ Completion of the sale of DFS’ business in Greater China to China Tourism Group Duty Free ⎯ Agreement signed for sale of LAX and SFO airport concessions to Duty Free Americas ⎯ Agreement signed for sale of DFS Okinawa to Avolta Le Bon Marché Revenue growth backed by: ⎯ Exclusive concepts ⎯ Diverse range of products ⎯ Rich array of cultural events 2026 First - Half Results – Selective Retailing
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Consolidated key figures H1 2026 02 Christian Dior
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Accelerating revenue growth in Q2 H1 2026 – Change in revenue (in millions of euros) 22 2026 First - Half Results 39 810 38 644 H1 2025 H1 2026 +2% - 5% - 3% - 1% Q2 organic growth : +3% Organic growth Perimeter impact Currency effect
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Balanced geographic revenue mix H1 2026 – Breakdown of revenue by region (as % of total revenue) 23 €38.6bn REVENUE UNITED STATES 25% vs. 25% in H1 2025 ASIA ( excl . Japan) 29% vs. 28% in H1 2025 JAPAN 8% vs. 8% in H1 2025 OTHER MARKETS 13% vs. 14% in H1 2025 EUROPE ( excl . France) 17% vs. 17% in H1 2025 FRANCE 8% vs. 8% in H1 2025 2026 First - Half Results
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Organic revenue growth across all markets in Q2 24 Quarterly organic revenue change by region (as %) vs. same period in 2025 +3% -3% +7% -3% +6% +14% +4% +0% +4% +5% +6% -1% United States Japan Asia (excl. Japan) Europe Q1 2026 Q2 2026 H1 2026 2026 First - Half Results
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H1 2026 – Revenue by business group (in millions of euros) 25 * On a constant perimeter and currency basis. For the Group, the perimeter impact compared with the first half of 2025 was - 1% a nd the currency effect was - 5%. H1 2026 vs H1 2025 H1 2025 H1 2026 Reported growth Organic growth* Wines & Spirits 2 588 2 598 0% +5% Fashion & Leather Goods 19 115 18 146 - 5% - 1% Perfumes & Cosmetics 4 082 3 914 - 4% 0% Watches & Jewelry 5 090 5 225 +3% +9% Selective Retailing 8 620 8 406 - 2% +5% Other activities and eliminations 315 356 - - Total LVMH 39 810 38 644 -3% +2% Accelerating revenue growth in Q2 2026 First - Half Results Q2 2026 vs Q2 2025 Organic growth +5% +1% - 1% +11% +6% - +3%
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9 012 8 691 H1 2025 H1 2026 Change in profit from recurring operations (in millions of euros) 26 €341m €25m - €686m -4% Increase in profit from recurring operations, excl. negative currency impact 2026 First - Half Results Organic growth Perimeter impact Currency effect
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High level of operating margin maintained Profit from recurring operations by business group (in millions of euros) 27 H1 2025 H1 2026 Change vs H1 2026 Wines & Spirits 524 582 +11% Fashion & Leather Goods 6 636 6 195 - 7% Perfumes & Cosmetics 425 417 - 2% Watches & Jewelry 762 831 +9% Selective Retailing 876 893 +2% Other activities and eliminations (211) (228) - Total LVMH 9 012 8 691 -4% Operating margin (%) 22.6% 22.5% 2026 First - Half Results
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Stable net profit Condensed income statement (in millions of euros) 28 H1 2025 H1 2026 Change vs H1 2025 Revenue 39 810 38 644 - 3% Gross margin 26 610 25 936 - 3% Marketing and selling expenses (14 732) (14 392) - 2% General and administrative expenses (2 889) (2 876) 0% Equity investment income 23 23 - Profit from recurring operations 9 012 8 691 - 4% Other operating income and expenses (14) 23 - Operating profit 8 998 8 714 - 3% Net financial income/(expense) (435) (112) - 74% Income taxes (2 648) (2 583) - 2% Net profit before minority interests 5 915 6 019 +2% Minority interests (217) (322) +48% Net profit, Group share 5 698 5 697 0% 2026 First - Half Results
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Change in “Net financial income/(expense)” (in millions of euros) 29 H1 2025 H1 2026 Change (€m) Cost of net financial debt (211) (192) +19 Interest on lease liabilities (278) (261) +17 Cost of foreign exchange derivatives (194) (89) +105 Fair value adjustment of available for sale financial assets 270 447 +177 Other (22) (17) +4 Net financial income/(expense) (435) (112) +323 Positive change in net financial result 2026 First - Half Results
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Solid financial structure 30 16% 20% 17% 31% 67% 49% Assets Liabilities and equity 30/06/2026 Non - current assets Inventories Other current assets Equity Non - current liabilities Current liabilities Change with respect to year - end 2025 €142bn €142bn ➢ Increase in intangible assets driven by currency fluctuations ➢ Decrease in operating investments ➢ Increase in inventories arising from business activity ➢ Increase in equity related to profit and currency fluctuations, offset by LVMH share buybacks 2026 First - Half Results
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Breakdown of free cash flow operations (in millions of euros) 31 H1 2025 H1 2026 Change ( €m) Cash from operations before changes in working capital 12 287 12 055 - 232 Cost of net financial debt: interest paid (104) (139) - 35 Lease liabilities: interest paid (269) (252) +17 Tax paid (2 043) (1 571) +472 Change in working capital (1 990) (2 446) - 456 Net cash from operating activities 7 881 7 647 - 234 Operating investments (2 360) (2 061) +299 Repayment of lease liabilities (1 489) (1 486) +3 Operating free cash flow * 4 032 4 100 +68 Very strong cash flow generation * Before financial investments, equity - related transactions and financing activities 2026 First - Half Results
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Net debt to equity ratio: 11.8% Net debt (in millions of euros) 32 Gearing 12 465 10 746 12 158 9 228 10 176 6 857 8 245 21% 17% 18% 13% 15% 10% 12% 30/06/2023 31/12/2023 30/06/2024 31/12/2024 30/06/2025 31/12/2025 30/06/2026 ➢ Interim dividend: €5.50 per share, paid on December 3, 2026 2026 First - Half Results
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Conclusion 03 Christian Dior
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2026 outlook: Further strengthen our icons and enhance brand desirability 34 Desirability Continued creative renewal Commitment to the highest quality Creativity Strengthening of icons New in - store experiences Agility Operational efficiency Entrepreneurial spirit Excellence Development of craftmanship Targeted investments 2026 First - Half Results
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Annexes 04 Christian Dior
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Quarterly revenue by region – Organic change vs. previous year (as %) Q1 2026 Q2 2026 H1 2026 United States +3% +6% +4% Japan - 3% +14% +5% Asia (excl. Japan) +7% +4% +6% Europe - 3% 0% - 1% Total LVMH +1% +3% +2% 36 2026 vs 2025 Q1 2025 Q2 2025 H1 2025 United States - 3% 0% - 1% Japan - 1% - 28% - 15% Asia (excl. Japan) - 11% - 6% - 9% Europe +2% - 1% +1% Total LVMH -3% -4% -3% 2025 vs 2024 2026 First - Half Results
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Q1 2026 Q2 2026 H1 2026 Wines & Spirits +5% +5% +5% Fashion & Leather Goods - 2% +1% - 1% Perfumes & Cosmetics 0% - 1% 0% Watches & Jewelry +7% +11% +9% Selective Retailing +4% +6% +5% Total LVMH +1% +3% +2% Quarterly revenue by business group – Organic change vs. previous year (as %) 37 2026 vs 2025 Q1 2025 Q2 2025 H1 2025 Wines & Spirits - 9% - 4% - 7% Fashion & Leather Goods - 5% - 9% - 7% Perfumes & Cosmetics - 1% +1% 0% Watches & Jewelry 0% 0% 0% Selective Retailing - 1% +4% +2% Total LVMH -3% -4% -3% 2025 vs 2024 2026 First - Half Results
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38 2025 Champagne & Wines Cognac & Spirits Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities & eliminations Total Q1 2025 676 629 1 305 10 108 2 178 2 482 4 189 49 20 311 Q2 2025 721 562 1 283 9 006 1 904 2 608 4 431 267 19 499 H1 2025 1 397 1 190 2 588 19 115 4 082 5 090 8 620 315 39 810 Quarterly revenue by business group (in millions of euros) 2026 Champagne & Wines Cognac & Spirits Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities & eliminations Total Q1 2026 663 610 1 273 9 247 2 038 2 443 4 048 72 19 121 Q2 2026 761 563 1 324 8 899 1 876 2 782 4 358 284 19 524 H1 2026 1 424 1 173 2 598 18 146 3 914 5 225 8 406 356 38 644 As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures. 2026 First - Half Results