LVMH Records Sales of €80.8 Billion in 2025 Despite Disrupted Environment

Comprehensive Financial Performance in 2025

LVMH registered total sales of €80.8 billion in 2025. The current operating income stood at €17.8 billion, resulting in an operating margin of 22%, affected by currency fluctuations. The Group's net income reached €10.9 billion. The operating cash flow was €11.3 billion, up by 8%. In the fourth quarter, the organic growth in sales was 1%, consistent with the third quarter. Geographically, Europe saw a decline in the second half while the United States experienced an increase, benefiting from strong local demand. Japan saw a decrease compared to 2024, which had benefited from increased tourist spending due to the significant drop in the yen. The rest of Asia saw a noticeable improvement in trends compared to 2024, with a return to growth in the latter part of the year. The currency effect on the Group was minus 3%, while the scope effect compared to 2024 was negligible.

Segment Performance and Strategic Developments

Sales in Wines and Spirits decreased by 5% organically in 2025, with a current operating income down by 25%. The Fashion and Leather Goods business saw a decline in sales with an improvement in the second half, while its current operating income decreased by 13%, mainly impacted by unfavorable currency movements. The operating margin for this segment remains at a very high level of 35%. The Perfumes and Cosmetics activity remained stable organically in 2025, with its current operating income increasing by 8%, bringing the operating margin to 8.9%. Watches and Jewelry achieved an organic sales growth of 3% in 2025, with a current operating income down by 2%. Selective Retailing recorded an organic sales growth of 4% in 2025, with a current operating income growth of 28% and an operating margin increase of 2 points to 9.7%. An agreement was signed in January 2026 with China Tourism Group Duty Free for the acquisition of DFS activities in Greater China, including the Gallerias in Hong Kong and Macao.

Dividend Proposal and Strategic Outlook

LVMH will propose at the General Meeting on April 23, 2026, a dividend of €13 per share. An interim dividend of €5.50 per share was distributed on December 4, 2025. The balance of €7.50 will be paid on April 30, 2026. Despite a still uncertain geopolitical and macroeconomic context, the group remains confident and will maintain a strategy focused on the development of its brands, driven by a continuous policy of innovation and investment as well as by a stringent demand for quality in its products. The Board of Directors met on January 27 to finalize the accounts for the fiscal year 2025, with audit procedures having been carried out.