France · Delayed Price · Currency is EUR LVMH Earnings Call Transcripts
Fiscal Year 2026
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The meeting reviewed robust 2025 financials despite currency and geopolitical challenges, confirmed stable dividends, and approved all governance resolutions. Strategic focus included sustainability, AI adoption, and global expansion, with strong engagement on supply chain vigilance and talent development.
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Organic revenue grew 1% in Q1 2026, with strong performance in Asia and the U.S., but reported revenue declined 6% due to currency headwinds and a negative impact from the Middle East conflict. Fashion & Leather Goods and Jewelry showed resilience, while management remains confident in growth despite ongoing volatility.
Fiscal Year 2025
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Revenue exceeded EUR 80 billion with strong free cash flow and a 22% operating margin, despite a 13% drop in net profit due to currency and tax headwinds. Fashion, jewelry, and selective retailing showed resilience, while tariffs and economic uncertainty remain key risks.
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Q3 2025 saw improved trends and sequential growth in all divisions, despite currency headwinds and a challenging macro environment. Fashion and Leather Goods led the recovery, with strong local demand and innovation, while all segments contributed to positive organic growth in Q3.
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H1 2025 saw revenue down 3% organically and profit from recurring operations down 15%, with strong free cash flow and resilient margins despite macro and currency headwinds. Fashion & Leather Goods and Wines & Spirits declined, while Selective Retailing grew, led by Sephora. Confidence remains high for long-term growth once headwinds subside.
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The meeting reviewed stable 2024 revenue, strong cash flow, and a resilient balance sheet despite profit declines. All governance and compensation resolutions passed, with a stable dividend and new age limits for leadership. Strategic focus remains on high-end growth, sustainability, and adapting to global uncertainties.
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Q1 2025 revenue fell 2% reported and 3% organic to €20.3B, with Asia declining and Europe growing. Fashion & Leather Goods and Wines & Spirits saw declines, while Sephora and Tiffany remained resilient. The group maintains disciplined investment amid macro uncertainty.
Fiscal Year 2024
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Revenue was stable in 2024 with slight organic growth, but operating income and net profit declined due to higher costs and forex impacts. Key brands like Louis Vuitton, Dior, and Tiffany showed resilience, while DFS and wines and spirits faced challenges. 2025 has started strong, with management confident in continued growth.
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Revenue was stable organically at €60.8B, with softness in China offset by resilience in Western markets. Fashion & Leather Goods and Wines & Spirits declined, while Perfumes & Cosmetics and Selective Retailing grew. Management remains confident in long-term luxury demand.
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Revenue grew 2% organically to €41.7B, but profit fell 8% due to currency headwinds. Fashion & Leather Goods and Sephora remained strong, while Wines & Spirits and Watches & Jewelry faced demand and margin pressures. Outlook is cautious amid ongoing macro and currency risks.