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Résultats Semestriels 2022 1
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22026 Half-Year Results S O L I D M O M E N T U M I N T H E F I R S T H A L F R E V E N U E € 8 . 2 B I L L I O N O P E R A T I N G M A R G I N 4 1 . 0 % G R O W T H A T C O N S T A N T R A T E S +6% At the end of June 2026
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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 Cliquetis, Kelly Hobo and Double Longe • Strong momentum in women’s and men’s ready-to-wear collections • Launch in early July of the ninth High Jewellery collection, Into the Horsescape, featuring powerful and singular pieces • A free-spirited reinterpretation with a powerful identity of the line Chaîne d’Ancre Aléa • Success of the Home universe collections presented during the Salone del Mobile in Milan • A warm welcome for the new table service, Natures Marines • Launch of the new perfume Un Jardin sous la Mer as well as Musc Pallida, a new creation from the Hermessence collection • A new chapter for Beauty with the launch of the foundation Plein Air 42026 Half-Year Results
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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 • Opening of the 25th leather goods workshop: › Loupes (Gironde) in April • Three new leather goods workshops: › Charleville-Mézières (Ardennes), scheduled in 2027 › Colombelles (Calvados), scheduled in 2028 › Les Andelys (Eure), scheduled by 2030 • Strengthening of capacity investments in all the métiers: › Development of the new Couzeix site (Haute-Vienne) for Tableware, scheduled in 2027 › Expansion of the Noirmont site (Switzerland) for watchmaking, scheduled in 2028 › Development of Hermès Manufacture de Métaux (HMM), entity specialized in the production of metal pieces • Further securing of supplies and strengthening of the supply chain and IT investments 52026 Half-Year Results
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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 • Strengthening of the omnichannel and multi-local distribution network • Opening of a new Hermès Maison in London • Opening of new stores: › Sanlitun, Beijing (Greater China) › Sakae, Nagoya (Japan) • Expansion and renovation of stores, notably: › Berlin (Germany) › Hilton Plaza, Osaka (Japan) › Elements, Hong Kong (Greater China) › Hanoi (Vietnam) 62026 Half-Year Results
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7 I N A U G U R A T I O N O F T H E S I X T H H E R M È S M A I S O N A T 1 6 6 N E W B O N D S T R E E T , L O N D O N Honouring the creativity and craftsmanship of the house by bringing together the 16 Hermès métiers in unique spaces Celebrating the relationship between British culture and Hermès, built over the decades Pursuing the long-term development strategy, based on a creative, artisanal, sustainable and multilocal model 2026 Half-Year Results 6 buildings across almost 2,000 square metres, blending culture, craftsmanship and hospitality
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S I N G U L A R C O M M U N I C A T I O N • Presenting Hermès and rediscovering the 16 métiers of the house › Saut Hermès at the Grand Palais in Paris › Hermès in the Making in Shanghai (Greater China) › Mystery at the Grooms’ in Seoul (Korea) › Into the Horsescape, ninth Haute Bijouterie collection presented in Paris › Women’s ready-to-wear with the presentation of the fall-winter collection at the Garde Républicaine, followed by the second chapter of the collection in Los Angeles (United States) › Men’s ready-to-wear with Véronique Nichanian's last fall-winter collection in Tokyo (Japan) 82026 Half-Year Results En attente visuels COM
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10 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 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 At end of June 2026, 27,107 employees, +600, of whom more than 300 in France Bonus of €3,000 to all its employees worldwide in respect of 2025 "Hermès Hears" survey in 2026 : 90% response rate, reflecting strong engagement Publication of social policies E N V I R O N M E N T A L S T R A T E G Y Validation of the first two steps of the Science Based Targets for Nature initiative Continuation of decarbonisation actions in line with our transition plan Supporting our suppliers and partners in an ambitious environmental and social approach L O C A L A N C H O R I N G 63 production and training sites in France Loupes workshop: high environmental performance Over 89,000 jobs sustained by Hermès’ activity in France Nurturing local job creation and expanding the École Hermès des Savoir-Faire, which welcomed 800 learners in 2025 2026 Half-Year Results
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A C T I V I T Y • At the end of June 2026, revenue amounted to €8.2 billion, up +6% at constant exchange rates and +2% at current exchange rates. › All the geographical areas and all the métiers posted growth, with the exception of the Middle East and Perfume and Beauty. › The Americas, Japan and Europe excluding France showed remarkable growth. • Sales in the second quarter reached €4.1 billion, up +7% at constant exchange rates and +5% at current exchange rates, slightly accelerating compared with the first quarter, notably: › In France, in Japan and in the Middle East. › Across the Leather Goods and Saddlery, Ready-to-wear and Accessories, Silk and Textiles as well as Watches métiers. 122026 Half-Year Results
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14 R E V E N U E B Y G E O G R A P H I C A L AREA 2026 Half-Year Results in €m June 2026 Change at constant rates France 753 2% Europe (excl. France) 1,165 9% EUROPE 1,918 6% Japan 798 11% Asia-Pacific (excl. Japan) 3,533 2% ASIA 4,330 4% Americas 1,585 15% Other (Middle East) 330 (4)% TOTAL 8,163 6%
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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 15 2026 / 2025 France 9% / 9% Japan 10% / 10% Americas 19% / 18% Europe (excl. France) 15% / 14% Other (Middle East) 4% / 5% Asia-Pacific (excl. Japan) 43% / 44% 2026 Half-Year Results
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R E V E N U E B Y S E C T O R 172026 Half-Year Results in €m June 2026 Change at constant rates Leather Goods and Saddlery 3,761 10% Ready-to-wear and Accessories 2,198 2% Silk and Textiles 469 10% Other Hermès sectors 1,065 5% Perfume and Beauty 233 (4)% Watches 269 0% Other products 168 3% TOTAL 8,163 6%
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Other products 2% / 2%Perfume and Beauty 3% / 3% Leather Goods and Saddlery 46% / 45% Watches 3% / 3% Silk and Textiles 6% / 6% Ready-to-wear and Accessories 27% / 28% Other Hermès sectors 13% / 13% R E V E N U E B Y S E C T O R 18 2026 / 2025 2026 Half-Year Results
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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 ) 212026 Half-Year Results in €m June 2026 % revenue June 2025 % revenue Revenue 8,163 8,034 Cost of sales (2,356) (2,356) Gross margin 5,807 71.1% 5,678 70.7% Communication (301) (3.7)% (294) (3.7)% Other sales and administrative expenses (1,598) (19.6)% (1,539) (19.1)% Other income and expenses (558) (6.8)% (519) (6.5)% Recurring operating income 3,351 41.0% 3,327 41.4% Other non-recurring income and expenses Operating income 3,351 41.0% 3,327 41.4% Change y-o-y +1%
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H A L F- Y E A R 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 22* Before IFRS16 * in % of revenue 2026 Half-Year Results 34.3 34.9 34.8 21.5 40.7 42.1 44.0 42.0 41.4 41.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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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 ( 2 / 2 ) 232026 Half-Year Results in €m June 2026 % revenue June 2025 % revenue Operating income 3,351 41.0% 3,327 41.4% Net financial income 90 148 Income tax (1,217) (1,230) In % of income before tax 35.4% 35.4% Net income from associates 23 26 Non-controlling interests (9) (25) Net income attributable to owners of the parent 2,238 27.4% 2,246 28.0% Change y-o-y (0)% Net income attributable to owners of the parent excluding exceptional contribution 2,508 30.7% 2,506 31.2% Change y-o-y +0%
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22.3 24.8 23.0 13.5 27.7 30.0 33.2 31.6 28.0 27.4 31.2 30.7 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 H A L F- Y E A R 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 24 in % of revenue 2026 Half-Year Results * *Excluding exceptional contribution *
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2.4 2.7 2.9 3.3 2.5 4.2 5.5 6.7 7.5 8.0 8.2 0.5 0.6 0.7 0.8 0.3 1.2 1.6 2.2 2.4 2.2 2.2 2.5** 2.5** 0.0 0.5 1.0 1.5 2.0 2.5 3.0 0.0 1.2 2.4 3.6 4.8 6.0 7.2 8.4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 in € billion in € billion Revenue Net income group share Net income CAGR* over 10 years +15.2% Sales CAGR* over 10 years +12.8% 25 H A L F- Y E A R R E V E N U E A N D N E T I N C O M E E V O L U T I O N 2026 Half-Year Results*CAGR: Compound Annual Growth Rate **Excluding exceptional contribution
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Total €344 million Production and métiers €75 million Stores and distribution €197 million O P E R A T I N G I N V E S T M E N T S 27 Real estate and group projects €71 million 2026 Half-Year Results
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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 282026 Half-Year Results in €m June 2026 June 2025 Operating cash flows 2,694 2,733 Change in working capital 6 (403) Cash flows related to operating activities 2,699 2,330 Operating investments (344) (316) Repayment of lease liabilities (173) (167) Adjusted free cash flow 2,182 1,847 Financial investments (52) (97) Dividends paid (1,924) (2,764) Treasury share buybacks (excluding liquidity contract) (160) - Other changes 106 (303) Change in net cash position 153 (1,317) Closing restated net cash position 12,926 10,723 Opening restated net cash position 12,773 12,039
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12.3 12.2 3.6 3.2 1.1 1.1 2.2 2.3 2.7 2.6 8.7 8.4 19.0 18.8 30/06/2026 31/12/2025 30/06/2026 31/12/2025 S I M P L I F I E D B A L A N C E S H E E T 30 24.3 24.324.824.8 in €bn LiabilitiesAssets Non-current assets Inventories Shareholders’ equity Non-current liabilities Current liabilities Other current assets Cash 2026 Half-Year Results
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O U T L O O K • 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. • The group continues its development with confidence, thanks to its highly integrated artisanal model, 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. 322026 Half-Year Results
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2 0 2 6 : V E N T U R E B E Y O N D 33 • Continued job creation in France and worldwide • Strengthening of strategic investments in production capacities in all the métiers • First men’s ready-to-wear collection by Grace Wales Bonner and first Couture collection by Nadège Vanhée in January 2027 • Store openings and expansions, notably in San Diego, Chicago and New York (United States), in Rio de Janeiro (Brazil), Sydney (Australia), Chengdu (Greater China) and Geneva (Switzerland) • Implementation of commitments to preserve natural resources and of our climate strategy 2023 2026 Half-Year Results