Lvmh Moet Hennessy Vuitton SE - ADR - Level I

Group momentum (9M 2026) + Q3 resilience, but Asia volatility - Revenue: EUR 57.1bn in first nine months (+2% organic, -2% reported). - Reported bridge: -3% currency and -1% perimeter (DFS asset disposal + Marc Jacobs sold Sept 1). - Q3 organic: positive growth; currency turned positive in Q3 after five negative quarters. - Main headwind: China/macros deteriorated early Q3; Asia mid-single-digit decline in Q3, weighing most on Fashion & Leather Goods (discretionary hit).

Business group performance: winners vs laggards - Wines & Spirits: EUR 4.0bn (9M), +5% organic, +3% reported (currency -2%). - Champagne +6% organic; Cognac +4% organic. Q3: 6% organic growth for the group (solid demand in Europe, Japan, travel retail; Dom Pérignon & Krug mix). - Fashion & Leather Goods: EUR 26.4bn (9M), -2% organic, -4% reported (currency -2%). - Q3: pressured by China; exit rate improved through the quarter but still under challenge. - One-off issue: Louis Vuitton had a logistics/freight disruption affecting results, cited as ~1 percentage point+ impact on LV organic (i.e., more than 1 point on Vuitton specifically). - Watches & Jewelry: EUR 7.7bn (9M), +8% organic, +4% reported (currency -4%). - Jewelry strong; overall still growing, but some macro-driven slowdown in Q3 (China-led + some tougher US comparisons). - Perfumes & Cosmetics: EUR 5.9bn (9M), flat organic, -2% reported (currency -2%). - Selective Retailing: EUR 12.5bn (9M), +6% organic, but -1% reported due to -3% currency and -4% perimeter from DFS disposals (incl. DFS Abu Dhabi travel retail).

Key regional read-through + customer effects - Q3 geography: Europe / US / Japan grew mid-single-digit, more than offsetting Asia decline. - U.S. up ~5% and Japan up ~6% in Q3; mostly comparison basis effects. - Client mix in China pressure (Fashion & Leather Goods): - Chinese demand down mid-teens in Q3; onshore down double digits, offshore down mid-single digit. - Americas held up (up mid-single digit) and were a partial stabilizer. - Management indicated sequential improvement toward end of Q3 (exit rate better), but visibility remains tied to consumer sentiment.