Richemont delivers solid results for the six-month period ended 30 September 2025 with strong sales momentum in Q2

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
14 NOVEMBER 2025

Please find below the Highlights and Chairman’s commentary from the Richemont FY26 - Interim Results announcement.

RICHEMONT DELIVERS SOLID RESULTS
FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2025
WITH STRONG SALES MOMENTUM IN Q2

Group highlights

• Group sales at € 10.6 billion with 10% growth at constant rates (+5% actual); Q2 acceleration to +14%
• Growth in operating profit to € 2.4 billion underpinned by strong sales contribution and continued cost discipline, mitigating the impact of macroeconomic headwinds on gross margin in the first half
• Robust financial position supporting persistent focus on nurturing Maisons’ long-term growth prospects
  
  

Financial highlights

• Continued strength at Jewellery Maisons throughout H1; growth across all business areas in Q2 at constant rates
• All regions up by double-digits in Q2 at constant rates, led by sustained local demand
• Operating profit up by 7%, or by 24% at constant exchange rates, resulting in a 22.2% operating margin
  • Strong demand fuelling Jewellery Maisons’growth, with sales up 9% at actual exchange rates (at constant exchange rates: +14% in H1, +17% in Q2), delivering a 32.8% operating margin
  • Slower rate of decline at Specialist Watchmakersover the period, with sales down by 6% at actual exchange rates (at constant exchange rates: -2% in H1, +3% in Q2); operating margin at 3.2%
  • Broadly stable sales in the ‘Other’ business area, down by 1% at actual exchange rates (at constant exchange rates: +2% in H1, +6% in Q2) ; € 42 million operating loss
• € 1.8 billion profit for the period, driven by continuing operations and non-recurrence of the prior-year period loss from discontinued operations
• Net cash position of € 6.5 billion, with € 1.9 billion cash flow generated from operating activities and after € 0.6 billion cash transferred upon closing of the sale of YNAP to LuxExperience  

Key financial data (unaudited)

Chairman’s commentary

Overview of results
In the first six months of the financial year, Richemont delivered a solid performance against a persistently complex macroeconomic and geopolitical backdrop. The Group posted sales of € 10.6 billion, an increase of 10% at constant exchange rates (+5% at actual exchange rates). Q2 was particularly strong, with sales up by 14% at constant exchange rates (+8% at actual exchange rates) driven by double-digit growth across all regions, illustrating the benefit of the Group’s multiple growth engines. All business areas were positive in Q2 at constant exchange rates.

Most regions performed strongly in the first half, led by double-digit sales growth in Europe, the Americas, and the Middle East regions at both actual and constant exchange rates. In Q2 specifically, China, Hong Kong and Macau combined, together with Japan, returned to growth, whilst other regions maintained their solid sales momentum.

Sales grew across all distribution channels in the first half, with direct-to-client sales representing 76% of Group sales, in line with the prior-year period.

The Group’s Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - posted a 9% increase in sales overall in the first six months of the year (+14% at constant exchange rates), with Q2 growth at +17% at constant exchange rates, supported by a broad-based rise in demand for jewellery and watch collections across geographies. Against the backdrop of significant currency movements, higher raw material costs and, to a lesser extent, the initial effect from additional US duties, the Jewellery Maisons implemented measured price increases whilst managing their costs efficiently. Supported by strong top line momentum, this allowed them to mitigate the unfavourable impact of external headwinds and deliver a € 2.5 billion operating result in the first half, up by 9% at actual exchange rates and by 21% at constant exchange rates. Operating margin stood at 32.8%.

After a challenging 18-month-period for the global watch market, the Group’s Specialist Watchmakers saw a slower rate of decline of 6% in the first half (-2% at constant exchange rates), delivering sales of € 1.6 billion. Whilst Q2 showed encouraging signs with a -2% evolution in sales (+3% at constant rates), the context remained volatile, notably with the latest US duties affecting Swiss-made products since August. Regional performance continued to show contrasting trends. The Americas were up by double-digits in both Q1 and Q2, whilst sales in Asia Pacific declined, due to continued soft demand in China despite a noticeable improvement in Q2. Due to the combination of unfavourable currency movements, a higher gold price and additional US duties, the operating result amounted to € 50 million, corresponding to a 3.2% operating margin.

Sales at our ‘Other’ business area were down by 1% at actual exchange rates (+2% at constant exchange rates), with an acceleration in Q2 to +6% at constant exchange rates. Fashion & Accessories Maisons overall reflected this pattern, supported by double-digit growth in ready-to-wear at constant rates. The performance was primarily driven by continued strength at Alaïa and Peter Millar, and improved momentum at Chloé. Overall, the ‘Other’ business area recorded a € 42 million operating loss, of which € 33 million for the Fashion & Accessories Maisons.

Operating profit from continuing operations came in at € 2.4 billion, up by 7% at actual exchange rates (+24% at constant exchange rates), resulting from the positive effect of strong sales growth combined with effective cost discipline. This mitigated the decline in gross margin primarily resulting from significant unfavourable currency movements and higher raw material costs, notably gold, and to a lesser extent from additional US duties, which were partially offset by price increases over the period.

Profit for the period increased to € 1.8 billion. This compared to € 0.5 billion in the prior-year period, that included a € 1.2 billion non-cash write-down linked to the sale of YNAP.

Finally, amidst ongoing macroeconomic uncertainty, our net cash position remained solid at € 6.5 billion at 30 September 2025, up € 0.4 billion versus 30 September 2024.

Annual General Meeting and publication and shareholder approval of our Non-Financial Report

At the Annual General Meeting (‘AGM’) on 10 September 2025, all Board members who stood for re-election for a further one-year term were re-elected and Wendy Luhabe was re-elected as the ‘A’ shareholders’ representative.

The appointment of KPMG SA taking over from PricewaterhouseCoopers as auditor of the Company was approved for a term of one year.

On 5 June, Richemont published its Non-Financial Report alongside its Annual Report and Accounts for the year ending 31 March 2025.

Our Non-Financial Report 2025 was put to the vote for the second time at this year’s AGM where it was approved. The Report was prepared in accordance with the Global Reporting Initiative (‘GRI’) standards and complies with the reporting disclosures required by Swiss regulations, with non-financial disclosures and indicators independently assured. As I have said before, we recognise that our responsibility extends beyond our shareholders towards our colleagues, our customers, the communities in which we operate, society and our planet as a whole. Our Non-Financial Report lays out how we operate as a responsible business, guided by a common sustainability framework to ensure a consistent application of policies and risk management, and to foster collaboration across the Group and with external partners.

Concluding remarks

The Group delivered a remarkable top line performance in the first half led by sustained local demand, attesting to the strength of our Maisons’ positioning, built with consistency over time. Our Jewellery Maisons continued to excel, and we saw some encouraging signs at several Specialist Watchmakers and Fashion & Accessories Maisons. At constant rates in Q2, we saw growth across all our business areas and double-digit performances across all regions, demonstrating the benefit of the Group’s several growth engines.

In the last months, the Group has continued to be stress-tested, confronted by an unprecedented combination of external macroeconomic headwinds including material currency movements, the rising price of gold and the first impact of additional US duties. In order to reflect this high-cost environment, we introduced balanced and targeted price increases at the same time as aiming to preserve value for our clients over the long term. Supported by effective cost discipline, the Group was able to grow its operating profit and maintain a strong balance sheet whilst continuing to invest in our Maisons’ long-term success, through selective manufacturing capacity and distribution network expansion.

Looking ahead, it is evident that we will need to continue navigating through uncertain times, given that recovery paths remain unsteady, for instance in China, and that external pressures show no sign of abating. Managing the uncertainty will continue to require agility and discipline, particularly as we face demanding comparatives.

I have full confidence in our talented teams’ ability to continue to rise to the challenge, and never cease to be impressed by their excellence at crafting distinctive and timeless creations to enchant our clients. I know that we can count on the unwavering dedication of our renewed leadership to implement our Maisons’ long-term strategies with discipline and agility, thereby contributing to sustainable value creation for our stakeholders.

Johann Rupert
Chairman

Compagnie Financière Richemont SA

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as TimeVallée and Watchfinder & Co. Find out more at https://www.richemont.com/ 

Disclaimer

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont 's forward-looking statements are based on management 's current expectations and assumptions regarding the Company 's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumers traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. If international tariffs are imposed or increased, materials and goods that Richemont imports may face higher prices, which could lead to reduced margins or increased prices that could cause decreased consumer demand. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group 's control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.

© Richemont 2025

This announcement does not contain full details and should not be used as a basis for any investment decision in relation to the Company’s shares. Please find the full announcement available in PDF below: 

Richemont FY26 Interim Results PDF EN | Richemont FY26 Interim Results PDF FR (abridged)

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