LVMH Moët Hennessy - Louis Vuitton, Société Européenne

9M 2026 group picture: resilient but pressured; Q3 recovery in FX - Reported revenue: €57.1bn, -2% YoY on a reported basis; +2% organic. - Q3 trend: positive organic growth; currency impact turned positive in Q3 after 5 straight negative quarters. - Bridges / one-offs: -3% currency; -1% perimeter from DFS additional asset disposal and the Marc Jacobs sale closed Sept 1. - Geography mix stable: U.S. 25%, Asia 27%, Europe 26%. - Asia challenge drives reported weakness: the quarter had a macro-led Chinese consumer deterioration, leading to mid-single-digit Asia decline (Q3), while Europe, U.S., Japan grew.

Third quarter regional dynamics: Europe & Americas outperform; Asia (China) is the key drag - Q3: Europe accelerated markedly (improving across divisions), U.S. +5%, Japan +6%, more than offset Asia’s decline. - YTD regions positive, but with fast-evolving quarterly patterns. - China vs other Asia (fashion note): management said Chinese demand down mid-teens in Q3; Greater China onshore down double-digits, offshore down mid-single-digit (sequentially somewhat better toward quarter end).

Business group performance highlights (what’s good vs what’s weak) - Wines & Spirits: €4.0bn revenue (9M); +5% organic, +3% reported (FX -2%). Champagne +6% organic, Cognac & spirits +4% organic. Q3 +6% organic; supported by Dom Pérignon / Krug outperformance, low single-digit volume growth, and travel retail strength. - Watches & Jewelry: €7.7bn (9M); +8% organic, +4% reported (FX -4%). Jewelry described as excellent YTD; Q3 roughly flat due to macro discretionary slowdown (China) plus some tougher U.S. comparisons (Tiffany basis). - Selective Retailing: €12.5bn (9M); +6% organic, but -1% reported due to FX -3% and perimeter -4% from DFS disposals. Sephora growth broad-based across regions/categories. - Fashion & Leather Goods (key weakness): €26.4bn (9M); -2% organic, -4% reported (FX -2%). Q3 impacted by China consumer backdrop; exit rate improved during the quarter, but still needs continued self-help.