Half Year 2026 Lvmh Moet Hennessy Louis Vuitton SE Earnings Call Transcript
Key Points
- Lvmh Moet Hennessy Louis Vuitton SE (LVMHF) reported a solid set of results with a 2% organic revenue growth in the first half of 2026, reaching EUR38.6 billion.
- Operating margin reached a high level of 22.5%, demonstrating strong financial discipline.
- Watches & Jewelry division experienced double-digit growth in Q2, driven by strong performances from Tiffany and Bvlgari.
- The Wines & Spirits division saw a 5% organic growth, supported by volume growth and improving demand, particularly in Europe and Japan.
- Sephora showed good performance across key markets, including the U.S., Europe, Middle East, and China, with positive growth in all categories.
- The Middle East conflict negatively impacted the top-line growth by 1 percentage point in both Q1 and Q2.
- Fashion & Leather Goods division saw a 1% organic decline in revenue for the first half, with a 5% decline on a reported basis due to currency impacts.
- Perfumes & Cosmetics division reported flat organic revenue growth and a 4% decline on a reported basis, affected by travel retail headwinds.
- Currency impacts had a significant negative effect on financials, with a EUR700 million hit to operating income.
- The U.S. demand for cognac remained soft, with negative depletions, although offset by improving demand in other regions.
Good afternoon, everyone, and welcome to today's conference call. I'm Rodolphe Ozun, Director of Financial Communications. And with me is Cecile Cabanis, our Chief Financial Officer. Cecile will start with key highlights of the first half of 2026. I will then share details on performance by business groups, after which Cecile will comment on the financials and conclude.
And then we'll be happy to take your questions. Turning now to our announcement, our release position a short while ago in French and English and is available on all website, lvmh.com, as are the slides for today's call. The habitual safe harbor statement is included in our press release and on Slide 2 of our presentation. Let's now move on to today's topic, our first half figures. And passing over to Cecile.
Thank you, Rodolphe. Hello, everyone. Thank you for attending the call,
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