LVMH Moët Hennessy - Louis Vuitton, Société Européenne

Strong but uneven topline; Q3 resilience with Asia drag - LVMH delivered EUR 57.1bn revenue for 9M 2026: +2% organic and -2% reported (reported includes -3% FX and -1% perimeter from DFS asset disposals and Marc Jacobs sale closed Sep 1). - Q3 organic growth was positive, but Asia weakened due to a sharp deterioration in Chinese consumer sentiment; Asia down mid-single digits in Q3 (funneling most impact into fashion & leather goods). - Europe, U.S., Japan grew mid-single digit in Q3, offsetting Asia decline.

Division outlook: “self-help” + diversified portfolio supports growth, but fashion faces near-term pressure - Wines & Spirits: EUR 4.0bn revenue (9M), +5% organic / +3% reported; Champagne +6% organic, driven by Dom Pérignon, Krug, and travel retail; mid-single-digit growth in Q3 for a 3rd consecutive quarter. - Watches & Jewelry: EUR 7.7bn (9M), +8% organic / +4% reported, but slowed in Q3 (macro-led China discretionary weakness + tougher U.S. comparisons for Tiffany); Tiffany icons (e.g., HardWear, Knot, plus Sixteen Stone/Bird on a Rock) still strong. - Perfumes & Cosmetics: EUR 5.9bn (9M) ~flat organic / -2% reported (FX headwind), with ongoing outperformance from Dior and Guerlain. - Fashion & Leather Goods: EUR 26.4bn (9M) -2% organic / -4% reported, hurt by China; U.S. held up, Europe/Japan improved vs H1. - Management emphasis: cutting costs won’t substitute for sales; progress depends on bottom-up execution (“self-help”).

Geography and client mix: China was the swing factor - For the fashion setback, management quantified China (Chinese clientele) down mid-teens in Q3; U.S. up mid-single digit; Europe modestly up; Japan and Middle East down mid-single digits. - Within the “Chinese cluster”: onshore down double digits, offshore negative mid-single digit; sequentially exit rate improved toward quarter-end, but execution must continue. - Asia structural risk remains a key watch item due to the evolving macro/consumer “feel-good factor” deterioration.