Half-year information report as at the end of June 2026<\/p>\n
Solid sales momentum and excellent results in the first half<\/p>\n
Revenue amounted to \u20ac8.2 billion<\/p>\n
(+6% in the first quarter and +7% in the second quarter, at constant exchange rates)<\/p>\n
Recurring operating profitability reached 41.0% of sales<\/p>\n
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By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service<\/a> and Privacy Policy<\/a>.<\/p>\n Adjusted free cash flow grew by 18%<\/p>\n Paris, 29 July 2026<\/p>\n The group\u2019s consolidated revenue in the first half of 2026 amounted to \u20ac8.2 billion, up 6% at constant exchange rates and 2% at current exchange rates compared to the same period in 2025. All the regions recorded growth, with the exception of the Middle East, which showed good resilience in a challenging environment. The Americas, Japan and Europe excluding France recorded remarkable progression in both the first and second quarters. Recurring operating income amounted to \u20ac3.4 billion (41.0% of sales), slightly up.<\/p>\n In the second quarter, sales reached \u20ac4.1 billion, up 7% at constant exchange rates, marking a slight acceleration from the first quarter, notably in France, in Japan and in the Middle East.<\/p>\n Axel Dumas, Executive Chairman of Herm\u00e8s, commented: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n “In the first half of 2026, Herm\u00e8s delivered a solid performance, which reflects the strong desirability of its 16 m\u00e9tiers and the trust of its clients. Convinced by the strength of our unique artisanal model and in control of our key balances, we look to the second semester with confidence.\u201d<\/p>\n Sales by geographical area at the end of June<\/p>\n (at constant exchange rates unless otherwise indicated)<\/p>\n At the end of June 2026, all the geographical areas posted growth with the exception of the Middle East, slightly down.<\/p>\n Asia excluding Japan (+2%) continued its growth, notably in Greater China. Korea delivered an outstanding performance. January saw the opening of the new store in Hanoi, Vietnam, followed in early April by the new Sanlitun store in Beijing, China. The Hong Kong Elements and Taipei Sogo Fuxing stores reopened at the end of April, after renovation and expansion work. In May, the Herm\u00e8s in the Making travelling exhibition, which showcases the savoir-faire of our artisans was presented in Shanghai. The Americas (+15%) once again delivered a remarkable performance, following an exceptional first quarter, with solid, balanced growth across all countries and m\u00e9tiers. In Los Angeles in June, the house revealed the second chapter of the women\u2019s fall-winter 2026 ready-to-wear collection, with great success.Europe excluding France (+9%) continued its solid momentum across all countries in the region. The Berlin store in Germany reopened in May after renovation and expansion work. On 16 June, the house inaugurated a new Herm\u00e8s Maison at 166 New Bond Street in London in the United Kingdom. Spanning six buildings and more than 2,000 square metres, this sixth Maison showcases Herm\u00e8s\u2019 exceptional creativity and savoir-faire.<\/p>\n France (+2%) posted a solid acceleration in the second quarter, driven by both local customers and a recovery in tourist traffic.The Other area (-4%), which mainly comprises the Middle East, demonstrated remarkable resistance in an unstable geopolitical environment. The second quarter showed a gradual recovery, driven by local customers and the house\u2019s value strategy.<\/p>\n Sales by sector at the end of June<\/p>\n (at constant exchange rates unless otherwise indicated)<\/p>\n At the end of June 2026, all the m\u00e9tiers, with the exception of Perfume and Beauty, delivered positive growth. The Leather Goods and Saddlery, Ready-to-wear and Accessories, Silk and Textiles as well as Watches m\u00e9tiers accelerated in the second quarter.<\/p>\n Leather Goods and Saddlery (+10%) recorded a solid performance, with slightly higher growth in the second quarter. The sector benefited from the high desirability of the collections in all the regions. The new Cliquetis, Kelly Hobo and Double Longe models have been met with great success. Herm\u00e8s continued to increase its production capacities, with the opening of a twenty-fifth leather goods workshop in Loupes (Gironde) in early April. Three further leather goods workshops are scheduled to open in the coming years: Charleville-M\u00e9zi\u00e8res (Ardennes) in 2027, Colombelles (Calvados) in 2028 and Les Andelys (Eure) by 2030. Herm\u00e8s thus continues to reinforce its local anchoring in France through the development of employment and training.The Ready-to-wear and Accessories sector (+2%) benefitted from a notable improvement in the second quarter driven by strong momentum in ready-to-wear. The women\u2019s fall-winter 2026 collection was successfully unveiled in early March at the Garde R\u00e9publicaine, followed by the second chapter of the collection in June in Los Angeles, which generated tremendous enthusiasm.The Silk and Textiles sector (+10%) delivered a remarkable performance, with an acceleration in the second quarter, driven by abundant creativity and a rich palette of colours, designs and shapes. To mark the opening of Maison Bond Street in London, the Bouquet Final and Cocoricooooo scarves were reinterpreted in tribute to the capital of the United Kingdom, while The New Herm\u00e8s Record scarf was unveiled in an exclusive edition created for the occasion, embodying the house\u2019s creative vitality with boldness and elegance.Perfume and Beauty (-4%) continued the development of its lines. The Perfume universe was enhanced with a seventh creation in the Jardin collection, Un Jardin sous la Mer, together with a new Hermessence fragrance, Musc Pallida. The first foundation in the Herm\u00e8s Beauty Line, Plein Air, launched at the beginning of the year, has met with great success.The Watches m\u00e9tier, stable over the first half, posted solid growth in the second quarter. The m\u00e9tier drew on the strength of its iconic collections, including Cape Cod, and the enrichment of its offering. At the Watches & Wonders exhibition in Geneva, the house notably unveiled a titanium skeleton version of its Herm\u00e8sH08 watch, equipped with the new H1978 calibre. The expansion of production capacities continues with the extension of the watchmaking facility in Le Noirmont (Switzerland), scheduled for completion by 2028.The Other Herm\u00e8s sectors (+5%), which include Jewellery and the Home Universe, continued to grow, revealing the full creative strength and singularity of the house. The ninth Haute Bijouterie collection, Into the Horsescape, was unveiled to great enthusiasm in early July, at the Mus\u00e9e des Arts D\u00e9coratifs in Paris. Meanwhile, the Home collections took centre stage at the Salone del Mobile in April, highlighting the excellence of Herm\u00e8s\u2019 savoir-faire.High profitability and strong cash flow growth<\/p>\n Recurring operating income amounted to \u20ac3.4 billion compared to \u20ac3.3 billion in the first half of 2025, slightly up. Despite the negative impact of currencies, recurring operating profitability reached 41.0%, compared to 41.4% at the end of June 2025.<\/p>\n Consolidated net profit (group share) remained stable at \u20ac2.2 billion. It includes, as in the first half of 2025, the exceptional contribution levied on the profits of large companies in France. Excluding this contribution, consolidated net profit (group share) amounted to \u20ac2.5 billion, representing 30.7% of sales.<\/p>\n Cash flow from operating activities grew strongly by 16% to \u20ac2.7 billion, driven by a stable change in working capital requirement, resulting notably from effective inventory management and exceptional<\/p>\n sell-through rates on the latest collections.<\/p>\n Adjusted free cash flow reached \u20ac2.2\u00a0billion, up by 18%, after accounting for operating investments<\/p>\n (\u20ac0.3 billion) and repayment of lease liabilities (\u20ac0.2 billion).<\/p>\n After distribution of dividends of \u20ac1.9 billion and share buybacks dedicated to employee share ownership plans for \u20ac0.2 billion, the restated net cash position amounted to \u20ac12.9 billion at the end of June 2026, compared to \u20ac12.8 billion at the end of December 2025.<\/p>\n A sustainable and responsible model<\/p>\n In line with its commitments as a responsible employer, Herm\u00e8s continued to create employment, increasing its workforce by more than 600 people over the first six months of the year, including 300 in France. At the end of June 2026, the group employed 27,107 people, 16,656 of whom are based in France.<\/p>\n In February, the house distributed a bonus of \u20ac3,000 to all its employees worldwide for 2025, in order to share the fruits of growth with those who contribute to it daily.<\/p>\n In March 2026, Herm\u00e8s conducted a new employee survey, entitled “Herm\u00e8s Hears\u201d, inviting all its employees worldwide to share their views on their workplace well-being and their level of engagement. This survey, which 90% of employees completed, highlighted their strong engagement as well as their pride in belonging to the house.<\/p>\n Herm\u00e8s pursued its action in favour of nature, successfully completing the first two steps of the Science Based Targets for Nature (SBTN) initiative. The materiality assessment and the prioritisation of impacts provide a rigorous scientific basis for setting ambitious and measurable targets. This independent validation demonstrates the strength of Herm\u00e8s\u2019 approach and its commitment to placing biodiversity conservation at the heart of its strategy.<\/p>\n Furthermore, Herm\u00e8s participated in the launch of the fourth Livelihoods Fund, of which it has been a partner since 2012. The fund combines action to fight climate change, support for the transition to regenerative agriculture, and improvement of local livelihoods.<\/p>\n Finally, Herm\u00e8s has been recognized by the Transparency Awards “Vigilance Plan\u201d award, which recognizes the clarity of its communication on its supply chain and the quality of its non-financial disclosures.<\/p>\n Other highlights<\/p>\n At the end of June 2026, currency fluctuations represented a significant negative impact of more than \u20ac360 million on revenue.<\/p>\n During the first six months of the year, Herm\u00e8s International redeemed 94,846 shares for \u20ac160 million, excluding transactions completed within the framework of the liquidity contract.<\/p>\n Outlook<\/p>\n In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.<\/p>\n The group continues its development with confidence, thanks to the highly integrated artisanal model, balanced distribution network, the creativity of collections and the loyalty of clients.<\/p>\n Thanks to its unique business model, Herm\u00e8s is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.<\/p>\n The theme for the year, Venture beyond, is an invitation to discover new horizons and renew our curiosity, constantly.<\/p>\n Limited review procedures have been carried out on the condensed interim consolidated financial statements by the Statutory Auditors in accordance with applicable regulations.<\/p>\n
\n Japan (+11%) recorded strong growth, with an acceleration in the second quarter. This performance was supported by strong traffic and the loyalty of local customers. Following the expansion and renovation of the Hilton Plaza East store in Osaka in May, the house inaugurated its new store in Nagoya in June.<\/p>\n