LVMH Moët Hennessy - Louis Vuitton, Société Européenne

Group headline (first 9M 2026) & Q3 momentum - Revenue: EUR 57.1bn for 9M (+2% organic), -2% reported. - Q3: positive organic growth; currency impact turned positive in Q3 after five straight negative quarters. - Impacts in reported figures: -3% currency and -1% perimeter (DFS additional asset disposal; sale of Marc Jacobs closed Sep 1). - Share/repurchase: Buyback EUR 2.3bn for the first 9 months of 2026 (no dividend mentioned).

Macro pressure concentrated in Asia/China; geographic balance helped - Main negative driver: China consumer sentiment deteriorated sharply at the start of Q3, creating a mid-single-digit Asia decline for the quarter, with fashion & leather goods most exposed. - But Q3 resilience elsewhere: Europe, U.S., Japan grew mid-single digit and more than offset Asia decline. - YTD geography: mix “stable” vs prior year with U.S. 25%, Asia 27%, Europe 26%. - Sequential improvement mentioned: exit rate improved across the quarter, especially late Q3.

Business-group performances (good, bad, and key drivers) - Wines & spirits: EUR 4.0bn revenue (9M), +5% organic, +3% reported (fx -2%). Champagne +6% organic (Dom Pérignon & Krug outperformance; positive mix); cognac +4% organic (Hennessy improving via China, travel retail, Europe, VSOP momentum). - Fashion & leather goods: EUR 26.4bn (9M), -2% organic, -4% reported (fx -2%). Q3 pressured by China demand; Dior and select brands outperform; Louis Vuitton slightly below average. - Perfumes & cosmetics: EUR 5.9bn (9M), flat organic, -2% reported (fx -2%). Historic Maisons (e.g., Dior, Guerlain) outperform; Asia/Japan solid; Middle East resilient. - Watches & jewelry: EUR 7.7bn (9M), +8% organic, +4% reported (fx -4%). Q3 slowdown mainly macro-led (China discretionary pullback); continued strength from Tiffany icons and Bvlgari. - Selective Retailing: EUR 12.5bn (9M), +6% organic, -1% reported due to -3% fx and -4% perimeter from DFS disposals. Sephora cited as broad-based strength.