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2025 Full-Year Results 1
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P E R F O R M A N C E O F T H E R E S P O N S I B L E C R A F T S M A N S H I P M O D E L 2 26,494 employees, of which 16,349 in France Bonus of €3,000 to all the employees worldwide Increase of €120 gross per month in France 294 stores in 45 countries With 2 new openings in the United States >15 expansions and renovations, including in Asia and in Europe S O L I D O P E R A T I N G M A R G I N 4 1 . 0 % O P E R A T I N G I N V E S T M E N T S € 1 . 2 B I L L I O N E M P L O Y M E N T A N D R E S P O N S I B I L I T Y 2025 Full-Year Results A U D A C I O U S C R E A T I V I T Y A N D E X C E P T I O N A L S A V O I R - F A I R E E X C L U S I V E D I S T R I B U T I O N N E T W O R K V E R T I C A L I N T E G R A T I O N A N D L O C A L A N C H O R I N G 55% of objects made in in-house and exclusive workshops 4 leather goods workshop projects in France Development of the new Couzeix site (Tableware) Extension of the Noirmont site (Watches métier) R E V E N U E € 1 6 . 0 B I L L I O N +9% at constant exchange rates At the end of December 2025 A bold style and uncompromising quality Innovation and creative originality > 50,000 references > 70 exceptional materials 12 regional Écoles Hermès des savoir-faire in France
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2025 Full-Year Results 3
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B O L D C R E A T I O N • Enrichment of the leather goods collection with the models So Médor, Seau Mousqueton and Haut à Courroies à relier • Highly successful women’s and men’s ready-to-wear collections • Dynamic formats and designs of the silk collections • Bold style with the jewellery line Adage • Successful new table service Hermès en contrepoint • Successful launch of the two Eaux de parfum intenses for Barénia and Terre d’Hermès • A warm welcome for the new lipstick Rouge Brillant Silky • Launch of the Apple Watch Hermès Series 11 2025 Full-Year Results Arçon 4
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D E V E L O P M E N T O F P R O D U C T I O N C A P A C I T I E S 52025 Full-Year Results • Opening of the 24th leather goods workshop: › L’Isle-d’Espagnac (Charente) in September • Four ongoing leather goods workshop projects: › Loupes (Gironde), scheduled in 2026 › Charleville-Mézières (Ardennes), scheduled in 2027 › Colombelles (Calvados), scheduled in 2028 › Les Andelys (Eure), scheduled in 2030 • Strengthening of capacity investments in all the métiers : › Laying the first stone for the Couzeix site (Haute-Vienne) for Tableware in May 2025 › Laying the first stone for the extension of Le Noirmont site (Switzerland) for watchmaking in July 2025 • Further securing of supplies and strengthening of the supply chain and IT investments
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A N E X C L U S I V E A N D I N T E G R A T E D D I S T R I B U T I O N N E T W O R K 6 • Strengthening of the multilocal and omnichannel distribution network • Opening of new stores: › Scottsdale (United States) › Nashville (United States) • Expansion and renovation of stores, notably: › Florence (Italy) and Knokke (Belgium) › Mexico (Mexico) › Macau and Changsha (Greater China), Seoul (Korea) and Bangkok (Thailand) 2025 Full-Year Results
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S I N G U L A R C O M M U N I C AT I O N • Presenting Hermès: › Hermèstories in Milan › Hermès in the Making in Shenzhen, Istanbul and Taipei › Mystery at the Grooms’ in New York and Tokyo › Saut Hermès at the Grand Palais in Paris • Rediscovering the 16 métiers of the house: › Haute Bijouterie event Les formes de la couleur, in Hong Kong , Singapore and Tokyo › Men’s ready-to-wear show in Paris, Seoul and Hong Kong and women’s ready-to-wear show in Paris and Shanghai › The silk universe with The Silky Way in Singapore › petit h in Taichung, Seoul and Vancouver 72025 Full-Year Results
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2025 Full-Year Results 8
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A S U S T A I N A B L E A N D R E S P O N S I B L E B U S I N E S S M O D E L 2025 Full-Year Results 9 S H A R I N G V A L U E C O M M I T M E N T T O E Q U I T Y , D I V E R S I T Y A N D I N C L U S I O N €243m incentive schemes and profit-sharing in France (vs €235m in 2024) €3,000 Bonus for all employees worldwide P R E S E R V A T I O N O F R E S O U R C E S C L I M A T E C O M M I T M E N T C R E A T I O N O F L O C A L J O B S T R A N S M I S S I O N O F S A V O I R- F A I R E 49% of women in the top 100 positions with the highest levels of responsibility 7.9% of employees with disabilities in France above the legal 6% threshold -69% of scopes 1 and 2 emissions in absolute terms vs 2018 -58% of scope 3 emissions in intensity vs 2018 100% of renewable electricity worldwide -64% of industrial water withdrawals over the past 10 years 20 "Harmonie" certified sites Presence in 11 out of 13 French regions 4 professional training certificates including 1 CAP in leather goods 63 production and training sites in France Nearly 6,200 jobs created in 3 years of which +3,500 in France x5.4 jobs created in France for every job created at Hermès P E O P L E A T T H E H E A R T O F O U R V A L U E S E N V I R O N M E N T A L S T R A T E G Y L O C A L A N C H O R I N G
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L ’ I S L E- D ’ E S P A G N A CW O R K S H O P : A M O D E L O F R E S P O N S I B L E R E A L E S T A T E 102025 Full-Year Results • Strong local anchoring in support of employment › Creation of long-term jobs and contribution to the dynamism of local economies › Transmission of craftsmanship through the École Hermès des savoir-faire › Local partnerships supporting recruitment and training › Contribution to the economic vitality of local communities. • A high environmental-performance project › Platinum certification according to the internal real standard "Harmonie", ensuring the highest environmental standards › Development on a rehabilitated brownfield site to limit soil artificialisation › A highly energy-efficient building: geothermal energy and photovoltaic panels › Construction and fit-out carried out by local companies
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R E C O G N I S E DS O C I A L , S O C I E T A L A N D E N V I R O N M E N T A L P E R F O R M A N C E 112025 Full-Year Results G L O B A L E V A L U A T I O N S A B- Low Risk 64/100 T H E M A T I C E V A L U A T I O N S "A List" Grand Prix Emploi France 2025 Grand Prix CAC Large 60
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2025 Full-Year Results 12
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A C T I V I T Y • Revenue in 2025 reached €16 billion (+9% at constant exchange rates and +5.5% at current exchange rates). › All the geographical areas and all the sectors, except the Perfume and Beauty and Watches métiers, showed solid momentum, supported by the house’s value strategy. • Sales in the fourth quarter amounted to €4.1 billion (+10% at constant exchange rates and +3% at current exchange rates), at the same pace as the previous quarter despite a high comparison basis. › All the geographical areas posted sustained growth. › Europe, Japan, the Americas and the Middle East recorded double-digit growth. › Asia excluding Japan grew by 8%. 132025 Full-Year Results
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2025 Full-Year Results 14
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R E V E N U E B Y G E O G R A P H I C A L AREA 152025 Full-Year Results DEZOOMER in €m 2025 Change at constant rates France 1,575 9% Europe (excl. France) 2,362 11% EUROPE 3,937 10% Japan 1,591 14% Asia-Pacific (excl. Japan) 6,702 5% ASIA 8,293 7% Americas 3,075 12% Other (Middle East) 697 15% TOTAL 16,002 9%
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R E V E N U E B Y G E O G R A P H I C A L AREA 16 France 10% / 10% Japan 10% / 9% Americas 19% / 19% Europe (excl. France) 15% / 14% Other (Middle East) 4% / 4% Asia-Pacific (excl. Japan) 42% / 44% 2025 Full-Year Results 2025 / 2024
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2025 Full-Year Results 17
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R E V E N U E B Y S E C T O R 182025 Full-Year Results in €m 2025 Change at constant rates Leather Goods and Saddlery 7,070 13% Ready-to-wear and Accessories 4,525 6% Silk and Textiles 964 5% Other Hermès sectors 2,055 11% Perfume and Beauty 489 (8)% Watches 549 (2)% Other products 349 6% TOTAL 16,002 9%
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R E V E N U E B Y S E C T O R 19 Other products 2% / 2%Perfume and Beauty 3% / 4% Leather Goods and Saddlery 44% / 43% Watches 4% / 4% Silk and Textiles 6% / 6% Ready-to-wear and Accessories 28% / 29% Other Hermès sectors 13% / 12% 2025 Full-Year Results 2025 / 2024
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2025 Full-Year Results 20
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2025 Full-Year Results 21
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C O N S O L I D A T E D I N C O M E S T A T E M E N T ( 1 / 2 ) 222025 Full-Year Results in €m 2025 % revenue 2024 % revenue Revenue 16,002 15,170 Cost of sales (4,623) (4,511) Gross margin 11,379 71.1% 10,660 70.3% Communication (620) (3.9)% (637) (4.2)% Other sales and administrative expenses (3,084) (19.3)% (2,932) (19.3)% Other income and expenses (1,106) (6.9)% (941) (6.2)% Recurring operating income 6,569 41.0% 6,150 40.5% Other non-recurring income and expenses - - Operating income 6,569 41.0% 6,150 40.5% Change y-o-y +7%
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R E C U R R I N G O P E R A T I N G P R O F I T A B I L I T Y E V O L U T I O N in % of revenue 23 * Before IFRS16 2025 Full-Year Results * *
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24 C O N S O L I D A T E D I N C O M E S T A T E M E N T ( 2 / 2 ) 2025 Full-Year Results in €m 2025 % revenue 2024 % revenue Operating income 6,569 41.0% 6,150 40.5% Net financial income 207 283 Income tax (2,263) (1,845) In % of income before tax 33.4% 28.7% Net income from associates 47 44 Non-controlling interests (36) (28) Net income attributable to owners of the parent 4,524 28.3% 4,603 30.3% Change y-o-y (2)% Net income attributable to owners of the parent excluding exceptional contribution 4,855 30.3% 4,603 30.3% Change y-o-y +5.5%
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N E T P R O F I T A B I L I T Y E V O L U T I O N 25 in % of revenue * 22.7% restated for the capital gain on the disposal of the Galleria in Hong Kong in 2018 ** 20.3% restated for a non-current gain relating to the deconsolidation of Shang Xia in 2020 2025 Full-Year Results * ** *** *** Excluding exceptional contribution
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A N O U T S T A N D I N G P E R F O R M A N C E I N 2 0 2 5 26 Net income CAGR* over 10 years +16.6% Sales CAGR* over 10 years +12.7% 2025 Full-Year Results** Excluding exceptional contribution ** * CAGR: Compound Annual Growth Rate
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2025 Full-Year Results 27
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O P E R A T I N G I N V E S T M E N T S 28 Stores and distribution €769 million Total €1,161 million Production and divisions €226 million Real estate and group projects €166 million 2025 Full-Year Results
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in €m 2025 2024 Operating cash flows 5,607 5,378 Change in working capital (233) (239) Cash flows related to operating activities 5,374 5,139 Operating investments (1,161) (1,067) Repayment of lease liabilities (332) (305) Adjusted free cash flow 3,880 3,767 Financial investments (104) (251) Dividends paid (2,796) (2,705) Treasury share buybacks (excluding liquidity contract) - (40) Other changes (247) 103 Change in net cash position 733 875 Closing restated net cash position 12,773 12,039 Opening restated net cash position 12,039 11,164 R E S T A T E D C A S H- F L O W S T A T E M E N T 292025 Full-Year Results * €5,938 million at the end of December 2025 excluding exceptional contribution * *
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2025 Full-Year Results 30
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Liabilities S I M P L I F I E D B A L A N C E S H E E T 31 Assets 24.3 2025 Full-Year Results Non-current assets Inventories Shareholders’ equity Non-current liabilities Current liabilities in €bn 23.1 24.3 Other current assets Cash 23.1
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E V O L U T I O N O F T H E D I V I D E N D P E R S H A R E 32 Exceptional dividend In € per share Ordinary dividend for the period In € per share * Subject to approval by the General Meeting of 17 April 2026, including €5 interim dividend paid on 18 February 2026 2025 Full-Year Results + €5.00 + €10.00 + €10.00 *
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2025 Full-Year Results 33
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O U T L O O K 34 • In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. • In a still uncertain economic and geopolitical context, the group has moved into 2026 with confidence, thanks to its highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients. • Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication. 2025 Full-Year Results
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2 0 2 6 : V E N T U R E B E YO N D 35 • Continued job creation in France and worldwide • Opening of the leather goods workshop in Loupes (Gironde) • Continued strategic investments in production capacities in all the métiers • Store openings and expansions, notably in London (United Kingdom), Berlin (Germany), Geneva (Switzerland), Beijing (Greater China), Osaka (Japan) and San Diego (United States) • Implementation of commitments to preserve natural resources and of our climate strategy 2025 Full-Year Results
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2025 Full-Year Results 36
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