LVMH : Presentation (aeozmcBOoF08xQRB AG2026LVMHVA)
MC.PA
Published on 04/23/2026 at 11:12 am EDT
2026 Annual General Meeting
April 23 , 2026
Louis Vuitton
April 23 , 2026
Bernard Arnault
Louis Vuitton
Key figures for 2025
PROFIT FROM RECURRING OPERATIONS
-9%
OPERATING MARGIN
3 2 0 2 6 A n n ua l Gen er a l M eet ing
EQUITY RATIO
INVESTMENTS
NET DEBT TO
OPERATING FREE CASH FLOW
+8%
OPERATING
* Organic growth with respect to 2024
+1%*
H2
-1%*
2025
REVENUE
Cécile Cabanis
Tiffany & Co.
Change in revenue
Change in revenue (in millions of euros)
Organic
Impact of
Impact of exchange
84 683
growth
changes in scope
rate fluctuations
80 807
-1%
0% -3%
-5%
2024 2025
Organic growth in Q4: +1%
5 2 0 2 6 A n n ua l Gen er a l M eet ing
Balanced geographic revenue mix
Breakdown of 2025 revenue by region (as %)
EUROPE
€80.8bn
REVENUE
UNITED STATES
26%
vs. 25% in 2024
26%
vs. 25% in 2024
JAPAN
8%
vs. 9% in 2024
OTHER MARKETS
14%
vs. 13% in 2024
ASIA (excl. Japan)
vs. 28% in 2024
6 2 0 2 6 A n n ua l Gen er a l M eet ing
Improved trends in all regions in H2 except Europe
Quarterly organic change in revenue by region (as %)vs. same period in 2024
Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025
United States Japan Asia (excl. Japan) Europe
-3%
-0%
+3%
+1%
+0%
-1%
-13%
-5%
-12%
-11%
-6%
+2%
+1%
-4%
+2%
-1%
-2%
-2%
-1%
-28%
7 2 0 2 6 A n n ua l Gen er a l M eet ing
Only group present in all luxury sectors
2025 revenue breakdown by business group (in % of total revenue)
SELECTIVE
RETAILING & OTHER ACTIVITIES
WINES & SPIRITS
WATCHES & JEWELRY
PERFUMES & COSMETICS
REVENUE BY BUSINESS GROUP
FASHION & LEATHER GOODS
8 2 0 2 6 A n n ua l Gen er a l M eet ing
Revenue by business group: Improved trends in H2
Revenue for 2025 by business group (in millions of euros)
2025 vs 2024
2024
2025
Organic growth*
Wines & Spirits
5 862
5 358
-5%
Fashion & Leather Goods
41 060
37 770
-5%
Perfumes & Cosmetics
8 418
8 174
-0%
Watches & Jewelry
10 577
10 486
+3%
Selective Retailing
18 262
18 348
+4%
Other activities and eliminations
504
671
-
Total LVMH
84 683
80 807
-1%
H1 2025
vs. H1 2024
H2 2025
vs. H2 2024
Organic growth
Organic growth
-7%
-4%
-7%
-3%
-0%
+0%
-0%
+5%
+2%
+7%
-
-
-3%
+1%
* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope compared with 2024 was negligible and the impact of exchange rate fluctuations was -3%.
9 2 0 2 6 A n n ua l Gen er a l M eet ing
Decrease in operating profit mainly related to exchange rate fluctuations
Change in profit from recurring operations (in millions of euros)
19 571
Organic change
Impact of changes in scope
Impact of
exchange rate fluctuations
17 755
-€740m -€11m -€1 065m
-9%
2024 2025
1 0 2 0 2 6 A n n ua l Gen er a l M eet ing
Current operating margin: 22%
Profit from recurring operations by business group (in millions of euros)
2024
2025
Change vs. 2024
Wines & Spirits
1 356
1 016
-25%
Fashion & Leather Goods
15 230
13 209
-13%
Perfumes & Cosmetics
671
727
+8%
Watches & Jewelry
1 546
1 514
-2%
Selective Retailing
1 385
1 780
+28%
Other activities and eliminations
(617)
(491)
-
Total LVMH
19 571
17 755
-9%
Operating margin (%)
23.1%
22.0%
1 1 2 0 2 6 A n n ua l Gen er a l M eet ing
Net profit, Group share: €10.9 billion
Condensed income statement (in millions of euros)
2024
2025
Change vs. 2024
Revenue
84 683
80 807
-5%
Gross margin
56 765
53 528
-6%
Marketing and selling expenses
(31 002)
(29 914)
-4%
General and administrative expenses
(6 220)
(5 934)
-5%
Equity investment income
28
75
-
Profit from recurring operations
19 571
17 755
-9%
Other operating income and expenses
(664)
(656)
-
Operating profit
18 907
17 099
-10%
Net financial income/(expense)
(792)
(401)
-49%
Income taxes
(5 157)
(5 476)
+6%
Net profit before minority interests
12 958
11 222
-13%
Minority interests
(408)
(344)
-16%
Net profit, Group share
12 550
10 878
-13%
1 2 2 0 2 6 A n n ua l Gen er a l M eet ing
Solid financial structure
Changes compared to year-end 2024
Decrease in intangible assets
mainly due to exchange rate fluctuations and valuation of intangible assets, in particular purchase commitments for minority interests
Change in property, plant and equipment related to operating investments, more than offset by the negative impact of currency fluctuations
Decrease in inventories, negatively affected by exchange rate fluctuations
Decrease in equity due in particular to the negative impact of currency fluctuations, partly offset by net
Non-current
assets
Inventories Other current
assets
€142bn €142bn
18%
16%
66%
30%
49%
Equity
Non-current liabilities
21%
Current liabilities
profit after dividends
1 3 2 0 2 6 A n n ua l Gen er a l M eet ing
Assets Liabilities and equity
12/31/2025
Cash flow: €11.3 billion
Breakdown of free cash flow operations (in millions of euros)
2024
2025
Change (€m)
Cash from operations before changes in working capital
27 220
24 941
-2 279
Net cash from operating activities
18 924
18 874
(50)
Operating investments
(5 531)
(4 567)
+964
Operating free cash flow*
10 478
11 333
+855
* Before financial investments, equity-related transactions and financing activities.
1 4 2 0 2 6 A n n ua l Gen er a l M eet ing
Net debt to equity (gearing) ratio: 9.9%
Net debt (in millions of euros)
Gearing
10 746
9 607
9 201
9 228
6 857
4 241
11%
20%
16%
17%
13%
10%
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
1 5
2 0 2 6 A n n ua l Gen er a l M eet ing
Dividend in respect of fiscal year 2025: €13 per share
Gross dividend per share (EUR)
Average annual growth rate over 5 years: +17%
12,00
10,00
13,00 13,00 13,00 *
6,00
2020 2021 2022 2023 2024 2025
* Amount proposed at the Shareholders' Meeting of April 23, 2026.
1 6 2 0 2 6 A n n ua l Gen er a l M eet ing
Q1 2026 revenue
Q1 2026 evolution of revenue (in million of euros)
20 311
Organic growth
+1%
Structure impact
0%
Currency effect
- 7%
19 121
-6%
Q1 2025 Q1 2026
1 7 Q1 2026 revenue
Bernard Arnault
Christian Dior
2025
Key highlights
Louis Vuitton
LVMH achieves a solid performance in an unfavorable global economic environment
€80.8bn
REVENUE FOR 2025
-1% organic
€17.8bn
PROFIT FROM RECURRING OPERATIONS FOR 2025
-9%
€11.3bn
FREE CASH
FLOW
+8%
Organic growth
in the second half of the year
High operating margin
Significant negative
impact of exchange rate fluctuations on profit
Wines & Spirits
Good resilience for champagne and wines
Weak local demand
for cognac amid trade tensions in the
United States and China
Fashion & Leather Goods
Solid local demand
Promising new creative energy
Louis Vuitton, with
La Fabrique du Temps, one of the world's most innovative and respected names in high-end watchmaking
Watches & Jewelry
Growing success of iconic lines
High-profile presence through the partnership with Formula 1
Perfumes & Cosmetics Ongoing innovation and highly selective retail
approach
Sephora
Remarkable growth in revenue and profit
2 0 2 0 2 6 A n n ua l Gen er a l M eet ing
Major economic and social impact in France and around the world
France's largest private-sector recruiter
Preserving and passing on skills and expertise in more than 280 professions in design, craftsmanship and customer experience, with over 3,800 apprentices trained by LVMH's IME (Institut des Métiers d'Excellence) program since its launch in 2014, along with a community of over 300 virtuosos
Support for nearly 1,000 nonprofits and charitable foundations in 2025, with around 69,000 Group employees taking part in a community involvement partnership, serving more than 2,500,000 people
LIVE (L'Institut des Vocations pour l'Emploi): Nonprofit aimed at helping people return to work following a long absence from the job market; open to 700 participants per year, with more than 2,000 people assisted since its launch
117 production facilities and craft workshops in France
€5.5 billion in corporate tax in 2025, around half of which in France, making LVMH the country's leading contributor to corporate tax
2 1 2 0 2 6 A n n ua l Gen er a l M eet ing
Outlook
Louis Vuitton
Outlook for 2026: Further expanding LVMH's global leadership
Creativity Remaining true to our values, with close attention paid to innovation and creativity in our products and excellence in their distribution
Quality Continuing to reinforce our iconic collections, uphold
the highest standards for quality and develop our traditional craft skills
Vigilance Remaining vigilant and maintaining operational efficiency amid ongoing uncertainty
Commitment Continuing the Group's commitment to environmental protection and corporate social responsibility
Promoting France's reputation for excellence around the world
Entrepreneurial spirit
Building on our organization's agility and entrepreneurial spirit
2 3 2 0 2 6 A n n ua l Gen er a l M eet ing
Maud Alvarez-Pereyre
CAREER COMPASS
31,000
25
managers mobilized on the Career Compass
19,000
mobilities
50%
of women
in key positions
2025 Figures
25
82%
of the group's employees benefited from a training in 2025
2025 Figures
FOCUS OF THE MONTH: CRAFTING DESIRABILITY
At LVMH, desirabi ity is a subtle as mastered by talents who transform ci"cativc vi.sio
D›"oducts and experiences
Need help *
CREATIVITY
27
SOCIAL FOOTPRINT IN FRANCE
40,000
employees
539
stores
117 sites
of production & craft
280 Métiers
represented in France
2025 Figures
SOCIAL ENGAGEMENT
HEART FUND
11,000
assisted employees
LIVE
80%
success rate
2,326
people supported into employment
Since the launch of the programs : Heart Fund in 2021, LIVE in 2019
30
ton
Disclaimer
LVMH - Moët Hennessy Louis Vuitton SE published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 15:11 UTC.