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2025 Annual Results January 27, 2026 Louis Vuitton
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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. Disclaimer2
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Bernard Arnault 01 Louis Vuitton
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LVMH achieves a solid performance in an unfavorable global economic environment 2025 Annual Results4 Organic growth in the second half of the year High operating margin Significant negative impact of exchange rate fluctuations on profit €80.8bn -1% organic -9% REVENUE FOR 2025 €17.8bn PROFIT FROM RECURRING OPERATIONS FOR 2025 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 Sephora Remarkable growth in revenue and profit DFS Strong improvement in profitability and gradual disposal €11.3bn +8% FREE CASH FLOW Perfumes & Cosmetics Ongoing innovation and highly selective retail approach
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Heightened commitment to corporate social responsibility 5 Putting the environment at the heart of the creative processFocusing on key areas of action Circular Design Biodiversity Traceability Climate Data as of 12/31/2025 2025 Annual Results Respecting every individual’s uniqueness and dignity 50% women in key positions within the Group (vs. 23% in 2007) Target for 2025: 50% 100% of employees covered by the LVMH Heart Fund >3,800 apprentices trained by the Institut des Métiers d’Excellence (IME) in 6 countries (France, Switzerland, Italy, Spain, Japan and the US) since its launch in 2014 98% of employees have the chance to get involved in a community-oriented initiative through their Maison, helping more than 2.5 million people Target for 2025: 100% Passing on skills and expertise that are an integral part of our world’s cultural heritage Supporting our employees by taking action for their safety and well-being Working to build a better society 100% of Maisons have signed on to the fair wage policy2.1% of the Group’s workforce comprised of people with disabilities Target for 2025: 2% 100% of Maisons have implemented a Health & Safety approach Target for 2025: 100% 89% of employees say they are proud to work for LVMH 37% reduction in energy-related CO2 emissions (Scopes 1 & 2; baseline 2023) New LIFE 360 target for 2030: 68% reduction CDP TripleA Climate, Water, Forests 4.3 million hectares of flora and fauna habitat protected or regenerated LIFE 360 target for 2030: 5m hectares 19% reduction in water withdrawal for production sites and workshops LIFE 360 target for 2030: 30% reduction Certified raw materials LIFE 360 target for 2026: 100% 100% French vineyards 84% Cotton 99% Leather 99.9% Diamonds 41% of materials used to make the Maisons’ products and their packaging now sourced through recycling processes
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Business group highlights 02 Christian Dior
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Wines & Spirits – Good resilience in champagne; weaker demand for cognac -12% REVENUE: COGNAC & SPIRITS Cognac & Spirits ⎯ Ongoing trade tensions in the United States and China ⎯ Hennessy consequently weighed on by weaker demand ⎯ Glenmorangie: “Once Upon a Time in Scotland” with Harrison Ford ⎯ Opening of the Ardbeg House boutique hotel on the Isle of Islay ⎯ Promising innovations for Belvedere vodka and Eminente rum +0% REVENUE: CHAMPAGNE & WINES Champagne & Wines ⎯ Revenue stable ⎯ Good performance achieved by Provence rosé wines ⎯ Moët & Chandon once again a partner of Formula 1’s Grand Prix races ⎯ Dom Pérignon: Limited edition in collaboration with Takashi Murakami ⎯ Ruinart: Artistic program for the 4 Rue des Crayères site Organic Organic 2025 Annual Results — Wines & Spirits7
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Fashion & Leather Goods – Improved trends driven by local customers Louis Vuitton ⎯ Successful fashion shows and collections by Nicolas Ghesquière and Pharrell Williams ⎯ Major success of new locations in Shanghai and Seoul ⎯ Launch of La Beauté Louis Vuitton ⎯ Official Partner of Formula 1 Christian Dior ⎯ Excellent reception of Jonathan Anderson’s first fashion shows ⎯ Lady Dior developed by Jonathan Anderson and many innovations ⎯ Major House of Dior openings in New York, Los Angeles and Beijing ⎯ New Diorexquis high jewelry collection designed by Victoire de Castellane 2025 Annual Results — Fashion & Leather Goods8 Loro Piana Solid momentum in all product categories; exhibition in Shanghai for its 100th anniversary Celine First runway shows for Creative Director Michael Rider Loewe First collections designed by Jack McCollough and Lazaro Hernandez; collaboration with the Josef & Anni Albers Foundation Fendi Maria Grazia Chiuri appointed Chief Creative Officer Givenchy First collections designed by Sarah Burton; new flagship store on Rue François 1er Rimowa Success of the Essential line and the Original Backpack; new Groove collection of leather bags Berluti Demand for iconic footwear designs, particularly Alessandro and Fast Track Pucci Excellent reception for the Spring/Summer 2025 collection presented in Portofino
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Perfumes & Cosmetics – Sustained innovation and ongoing selective retail approach Parfums Christian Dior ⎯ Successful innovations in makeup ⎯ J’adore driven by Rihanna; good performance for La Collection Privée ⎯ Sauvage the world’s best-selling men’s fragrance; strong growth for Dior Homme ⎯ Major success for Miss Dior ⎯ Skincare buoyed by Prestige, Capture and L’Or de Vie lines ⎯ Dior world’s leading prestige lipstick, with a lipstick sold every two seconds 2025 Annual Results — Perfumes & Cosmetics9 Maison Francis Kurkdjian Exhibition at the Palais de Tokyo on 30 years of perfume-making; new Kurky fragrance Acqua di Parma New Colonia Il Profumo and Buongiorno eaux de parfum Make Up For Ever Launch of Super Boost; innovations in the HD Skin line Guerlain New fragrances in the Aqua Allegoria and L’Art & La Matière collections; successful relaunch of Rouge G lipstick Parfums Givenchy Good performance achieved by L’Interdit; success of Velvet Matte lipstick Benefit New POREfessional foundation
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Watches & Jewelry – Growing success with the development of iconic lines Tiffany & Co. ⎯ Success of high jewelry ⎯ Major success for the iconic HardWear, Knot and Bird on a Rock lines ⎯ Record-breaking sales in high jewelry for Blue Book 2025 Sea of Wonder ⎯ Rollout of new store concept in Tokyo and Milan (awarded the 2025 Prix de Versailles) Bvlgari ⎯ “Serpenti Infinito” exhibition in Shanghai, Seoul and Mumbai; “Kaleidos” exhibition in Tokyo ⎯ Immense success of Polychroma in high-end jewelry and watches ⎯ New additions to three iconic lines ⎯ New flagship stores in Milan, Los Angeles, Miami, Tokyo and Riyadh 2025 Annual Results — Watches & Jewelry10 TAG HeuerHigh-profile presence through the partnership with Formula 1; success of the Formula 1 line Hublot New additions to the Big Bang collection for its 20th anniversary Zenith Limited edition of the G.F.J. Calibre 135 for the Maison’s 160th anniversary Chaumet Continued development of Bee de Chaumet; new Jewels by Nature high jewelry collection Fred New additions to the Force 10 collection
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Selective Retailing – Remarkable performance by Sephora; ongoing improvement for DFS DFS ⎯ Optimized store network ⎯ Improved foot traffic in Hong Kong and Macao ⎯ Solid performance for the Galleria in Okinawa, Japan ⎯ Agreement with China Tourism Group Duty Free to acquire DFS’ business in Greater China 2025 Annual Results — Selective Retailing11 Le Bon Marché ⎯ Exclusive, distinctive concepts and a diverse range of products, supporting revenue growth ⎯ Rich array of cultural events, with a series of new exhibitions Sephora ⎯ Excellent performance in key markets and ongoing market share gains ⎯ Record-breaking launch of Rhode ⎯ Further expansion of the store network ⎯ Success of the SEPHORiA world tour
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Louis Vuitton Outlook for 2026 03
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Outlook for 2026: Further expanding LVMH’s global leadership Vigilance Remaining vigilant and maintaining operational efficiency amid ongoing uncertainty Quality Continuing to reinforce our iconic collections, uphold the highest standards for quality and develop our traditional craft skills Creativity Remaining true to our values, with close attention paid to innovation and creativity in our products and excellence in their distribution 2025 Annual Results 13 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
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Cécile Cabanis 04 Christian Dior
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Key figures for 2025 2025 Annual Results15 REVENUE PROFIT FROM RECURRING OPERATIONS OPERATING FREE CASH FLOW €80.8bn €17.8bn €11.3bn OPERATING MARGIN 22% NET DEBT TO EQUITY RATIO 9.9% 2025 -1%* H2 +1%* * Organic growth with respect to 2024 -9% OPERATING INVESTMENTS €4.6bn +8%
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Change in revenue (in millions of euros) 16 2025 Annual Results 84 683 80 807 2024 2025 -1% -3%0% Organic growth Impact of changes in scope Impact of exchange rate fluctuations Change in revenue -5% Organic growth in Q4: +1%
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Balanced geographic revenue mix Breakdown of 2025 revenue by region (as %) 17 €80.8bn REVENUE UNITED STATES 26% vs. 25% in 2024 ASIA (excl. Japan) 26% vs. 28% in 2024 JAPAN 8% vs. 9% in 2024 OTHER MARKETS 14% vs. 13% in 2024 EUROPE 26% vs. 25% in 2024 2025 Annual Results
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Improved trends in all regions in H2 except Europe 18 Quarterly organic change in revenue by region (as %) vs. same period in 2024 2025 Annual Results -3% -1% -11% +2% -0% -28% -6% -1% +3% -13% +2% -2% +1% -5% +1% -2% +0% -12% -4% -1% United States Japan Asia (excl. Japan) Europe Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025
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Revenue for 2025 by business group (in millions of euros) 19 Revenue by business group: Improved trends in H2 2025 Annual Results 2025 vs. 2024 2024 2025 Reported growth Organic growth* Wines & Spirits 5 862 5 358 -9% -5% Fashion & Leather Goods 41 060 37 770 -8% -5% Perfumes & Cosmetics 8 418 8 174 -3% -0% Watches & Jewelry 10 577 10 486 -1% +3% Selective Retailing 18 262 18 348 +0% +4% Other activities and eliminations 504 671 - - Total LVMH 84 683 80 807 -5% -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%. 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%
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20 Organic change in revenue by business group (as %) vs. same period in 2024 Improved trends for all business groups in H2 2025 Annual Results -3% -9% -5% -1% -0% -1% -4% -4% -9% +1% +0% +4% +1% +1% -2% +2% +2% +7% +1% -9% -3% -1% +8% +7% -1% -5% -5% -0% +3% +4% Total Group Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025
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19 571 17 755 2024 2025 Decrease in operating profit mainly related to exchange rate fluctuations Change in profit from recurring operations (in millions of euros) 21 Organic change Impact of changes in scope Impact of exchange rate fluctuations -€740m -€11m -€1 065m -9% 2025 Annual Results
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Current operating margin: 22% Profit from recurring operations by business group (in millions of euros) 22 2025 Annual Results 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%
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Net profit, Group share: €10.9 billion Condensed income statement (in millions of euros) 23 2025 Annual Results 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%
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Change in net financial result Change in “Net financial income/(expense)” (in millions of euros) 24 2024 2025 Change (€m) Cost of net financial debt (442) (348) +94 Interest on lease liabilities (510) (553) -43 Cost of foreign exchange derivatives (282) (302) -20 Fair value adjustment of available for sale financial assets 481 835 +354 Other (39) (33) +6 Net financial income/(expense) (792) (401) +391 2025 Annual Results
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Solid financial structure 2025 Annual Results 25 18% 21% 16% 30% 66% 49% Assets Liabilities and equity 12/31/2025 Non-current assets Inventories Other current assets Equity Non-current liabilities Current liabilities Changes compared to year-end 2024 €142bn €142bn 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 profit after dividends
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Breakdown of free cash flow operations (in millions of euros) 2025 Annual Results26 Cash flow: €11.3 billion 2024 2025 Change (€m) Cash from operations before changes in working capital 27 220 24 941 -2 279 Cost of net financial debt: interest paid (357) (290) +67 Lease liabilities: interest paid (483) (545) -62 Tax paid on operating activities (5 531) (4 656) +875 Change in working capital (1 925) (576) +1 349 Net cash from operating activities 18 924 18 874 (50) Operating investments (5 531) (4 567) +964 Repayment of lease liabilities (2 915) (2 974) -59 Operating free cash flow* 10 478 11 333 +855 * Before financial investments, equity-related transactions and financing activities.
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Net debt to equity (gearing) ratio: 9.9% Net debt (in millions of euros) 27 2025 Annual Results Gearing 4 241 9 607 9 201 10 746 9 228 6 857 11% 20% 16% 17% 13% 10% 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
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Dividend in respect of fiscal year 2025: €13 per share Gross dividend per share (EUR) 28 2025 Annual Results 6.00 10.00 12.00 13.00 13.00 13.00 2020 2021 2022 2023 2024 2025 * Amount proposed at the Shareholders’ Meeting of April 23, 2026. * Average annual growth rate over 5 years: +17%
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Appendices 05 Louis Vuitton
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Q1 2025 Q2 2025 H1 2025 Q3 2025 Q4 2025 H2 2025 2025 Wines & Spirits -9% -4% -7% +1% -9% -4% -5% Fashion & Leather Goods -5% -9% -7% -2% -3% -3% -5% Perfumes & Cosmetics -1% +1% -0% +2% -1% +0% -0% Watches & Jewelry -0% +0% -0% +2% +8% +5% +3% Selective Retailing -1% +4% +2% +7% +7% +7% +4% Total LVMH -3% -4% -3% +1% +1% +1% -1% Quarterly revenue by business group – Organic change (as %) 2025 Annual Results 30 2025 vs. 2024 Q1 2024 Q2 2024 H1 2024 Q3 2024 Q4 2024 H2 2024 2024 Wines & Spirits -12% -5% -9% -7% -8% -8% -8% Fashion & Leather Goods +2% +1% +1% -5% -1% -3% -1% Perfumes & Cosmetics +7% +4% +6% +3% +2% +2% +4% Watches & Jewelry -2% -4% -3% -4% +3% +0% -2% Selective Retailing +11% +5% +8% +2% +7% +5% +6% Total LVMH +3% +1% +2% -3% +1% -1% +1% 2024 vs. 2023
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2025 Annual Results 31 Quarterly revenue by business group (in millions of euros) As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures. 2025 Champagne & Wines Cognac & Spirits Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and 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 Q3 2025 761 568 1 330 8 497 1 958 2 319 3 992 185 18 280 Q4 2025 928 513 1 441 10 159 2 134 3 077 5 735 171 22 717 H2 2025 1 689 1 081 2 771 18 656 4 092 5 396 9 728 355 40 997 2025 3 087 2 272 5 358 37 770 8 174 10 486 18 348 671 80 807 2024 Champagne & Wines Cognac & Spirits Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total Q1 2024 680 736 1 417 10 490 2 182 2 466 4 175 (36) 20 694 Q2 2024 715 676 1 391 10 281 1 953 2 685 4 457 216 20 983 H1 2024 1 395 1 413 2 807 20 771 4 136 5 150 8 632 181 41 677 Q3 2024 748 638 1 386 9 151 2 012 2 386 3 927 214 19 076 Q4 2024 1 037 632 1 669 11 139 2 270 3 041 5 703 108 23 930 H2 2024 1 785 1 270 3 055 20 289 4 283 5 427 9 630 323 43 006 2024 3 180 2 683 5 862 41 060 8 418 10 577 18 262 504 84 683