FINANCIAL INDICATORS

LVMH achieved strong financial performance in 2024, demonstrating the resilience of our business model and the strength of our Maisons across all business groups and geographic regions.
REVENUE
€84.7B
OPERATING MARGIN
26.9%
FREE CASH FLOW
€9.3B

KEY FIGURES

Metric 2022 2023 2024
Revenue (€M) 79,183 86,153 84,725
Profit from recurring operations (€M) 21,551 23,881 22,832
Operating margin (%) 27.2% 27.7% 26.9%
Net profit Group share (€M) 14,084 15,174 14,176
Free cash flow (€M) 10,095 9,424 9,253

PERFUMES & COSMETICS

Metric (millions of euros) 2022 2023 2024
REVENUE 1,722 8,221 8,549
PROFIT FROM RECURRING OPERATIONS 660 714 671
OPERATING INVESTMENTS 409 632 627
Perfumes & Cosmetics achieved revenue of €8.5B in 2024, with strong performance across all geographic regions.

SELECTIVE RETAILING

Metric (millions of euros) 2022 2023 2024
REVENUE 15,500 16,800 17,200
PROFIT FROM RECURRING OPERATIONS 1,200 1,350 1,400
OPERATING INVESTMENTS 800 900 950
Selective Retailing achieved revenue of €17.2B in 2024, demonstrating resilience across all markets.

REVENUE BY BUSINESS GROUP IN FRANCE

as a % of total revenue
Business Group Revenue % Revenue (€M)
Fashion & Leather goods 42% €3,560M
Perfumes & Cosmetics 20% €1,696M
Watches & Jewelry 15% €1,272M
Selective retailing & Other 15% €1,272M
Wines & Spirits 8% €678M
TOTAL 100% €8,478M

FINANCIAL STRUCTURE

BALANCE SHEET DATA - DECEMBER 31, 2024
in billion euros and in %
ASSETS Amount (€B) %
Non-current assets 101 68%
Inventories 24 16%
Other current assets 24 16%
TOTAL ASSETS 149 100%
LIABILITIES Amount (€B) %
Total equity 69 46%
Non-current liabilities 46 31%
Current liabilities 34 23%
TOTAL LIABILITIES 149 100%

NET DEBT AND FREE CASH FLOW

in millions of euros
Metric FY2022 FY2023 FY2024
Net debt -5,967 -12,741 -9,225
Free cash flow 10,095 9,424 9,253

SOCIAL INDICATORS

SUPPLIERS INDICATORS

AUDITS BY REGION
Region Percentage
Europe 81%
Asia 15%
Other 4%
SUPPLIERS BY REGION
Region Percentage
Europe 54%
North America 10%
Asia 16%
Other markets 10%
Mediterranean 10%
+4,000
Audits
in 2024
+3,600
Suppliers and Subcontractors
audited in 2024
61
Pontel average score
of suppliers assessed by EcoVadis
88%
Of audits covered both
environmental and social aspects

LIFE 360 PROGRAM

Creative Circularity
2025: New circular services (repairs, upcycling, etc.)
2026: Packaging: zero fossil-based virgin plastic.
2030: 100% of our new products covered by a sustainable design approach.
Transparency
2030: 100% of our strategic supply chains covered by a dedicated traceability systems.
Biodiversity
2026: 100% of strategic raw materials certified to preserve ecosystems and water resources.
2030: 5 million hectares (50,000 sq. km.) of flora and fauna habitat restored and/or restored.
Water
30% reduction in the Group's water take across its operations and its value chain by 2030
Climate
2026: 50% reduction in energy-related GHG emission (baseline 2019).
2026: 100% renewable or low-carbon energy in stores and on site.
2030: 55% reduction and/or avoidance of Scope 3 GHG Raw materials and transport.
Further information can be found in the 2024 Universal Registration Document including CSRD reporting.

2025 CSR ROADMAP

Individuality and Non-Discrimination
A "Hiring without discrimination" training session at least once every 3 years for every recruiter
50% of Group Key Positions held by women
2% of employees with disabilities within the Group
Achieve Digital Accessibility Level WCAG 2.1 AA
Supporting the Safety and Well-Being of Employees
100% of the 5 commitments of the Health and Safety Policy achieved
Comply with the 15 LVMH Workplace Principles
Transmitting Our World Heritage & Savoir-Faire
10,000+ students link to a IME career orientation
1,500+ middle school students informed in France, Italy and the United States in 2024
750+ new apprentices in 2024 at the Institut des Métiers d'Excellence
Committing to a Better Society
At least one engagement action offered to all employees each year

CONTENTS

EXECUTIVE AND SUPERVISORY BODIES; STATUTORY AUDITORS AS OF JUNE 30, 2025
1
FINANCIAL HIGHLIGHTS
2
HIGHLIGHTS
4
SHARE CAPITAL AND VOTING RIGHTS
4
BUSINESS REVIEW AND COMMENTS ON THE HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS OF LVMH GROUP
5
COMMENTS ON THE CONSOLIDATED INCOME STATEMENT
6
WINES AND SPIRITS
10
FASHION AND LEATHER GOODS
11
PERFUMES AND COSMETICS
13
WATCHES AND JEWELRY
14
SELECTIVE RETAILING
15
COMMENTS ON THE CONSOLIDATED BALANCE SHEET
17
COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT
18
CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS
21
CONSOLIDATED INCOME STATEMENT
22
CONSOLIDATED STATEMENT OF COMPREHENSIVE GAINS AND LOSSES
23
CONSOLIDATED BALANCE SHEET
24
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
25
CONSOLIDATED CASH FLOW STATEMENT
26
NOTES TO THE CONDENSED HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS
27
1. ACCOUNTING POLICIES
28
2. CHANGES IN OWNERSHIP INTERESTS IN CONSOLIDATED ENTITIES
28
3. BRANDS, TRADE NAMES AND OTHER INTANGIBLE ASSETS
29
4. GOODWILL
30
5. IMPAIRMENT TESTING OF INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES
30
6. PROPERTY, PLANT AND EQUIPMENT
31
7. LEASES
32
8. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
34
9. NON-CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS
34
10. OTHER NON-CURRENT ASSETS
34
11. INVENTORIES AND WORK IN PROGRESS
35
12. TRADE ACCOUNTS RECEIVABLE
36
13. OTHER CURRENT ASSETS
36
14. CURRENT AVAILABLE FOR SALE FINANCIAL ASSETS
37
15. CASH AND CHANGE IN CASH
37
16. EQUITY
38
17. BONUS SHARE AND SIMILAR PLANS
41
18. MINORITY INTERESTS
41
19. BORROWINGS
42
20. PROVISIONS AND OTHER NON-CURRENT LIABILITIES
44
21. PURCHASE COMMITMENTS FOR MINORITY INTERESTS' SHARES
45
22. TRADE ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES
45
23. FINANCIAL INSTRUMENTS AND MARKET RISK MANAGEMENT
46
24. SEGMENT INFORMATION
49
25. OTHER OPERATING INCOME AND EXPENSES
52
26. NET FINANCIAL INCOME/(EXPENSE)
53
27. INCOME TAXES
54
28. EARNINGS PER SHARE
54
29. PROVISIONS FOR PENSIONS, CONTRIBUTION TO MEDICAL COSTS AND OTHER EMPLOYEE BENEFIT COMMITMENTS
55
30. OFF-BALANCE SHEET COMMITMENTS
55
31. EXCEPTIONAL EVENTS AND LITIGATION
55
32. RELATED-PARTY TRANSACTIONS
55
33. SUBSEQUENT EVENTS
55
STATUTORY AUDITORS' REPORT ON THE HALF-YEAR FINANCIAL INFORMATION
56
STATEMENT BY THE PERSON RESPONSIBLE FOR THE INTERIM FINANCIAL REPORT
57
As table totals are based on unrounded figures, there may be discrepancies between these totals and the sum of their rounded component figures.
This document is a free translation into English of the original French "Rapport financier semestriel – 30 juin 2025", hereafter referred to as the "Interim Financial Report". It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

GLOSSARY

Financial Terms and Definitions

FINANCIAL METRICS

EBITDA

Earnings Before Interest, Taxes, Depreciation and Amortization. A measure of a company's operating performance.

Free Cash Flow

Cash generated by operations after deducting capital expenditures. Represents cash available for distribution to investors.

Gross Margin

Revenue minus cost of goods sold, expressed as a percentage of revenue. Indicates pricing power and production efficiency.

Operating Margin

Operating profit divided by revenue, expressed as a percentage. Measures profitability from core business operations.

Return on Equity (ROE)

Net income divided by shareholders' equity. Indicates how effectively management uses equity capital.

ACCOUNTING STANDARDS

IFRS

International Financial Reporting Standards. A set of accounting standards developed by the International Accounting Standards Board (IASB) used for preparing financial statements.

IAS

International Accounting Standards. Older standards issued before IFRS, many of which are still in effect.

Consolidation

The process of combining financial statements of a parent company and its subsidiaries into a single set of financial statements.

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

Goodwill

The excess of the purchase price over the fair value of identifiable net assets acquired in a business combination.

BUSINESS GROUPS

Wines and Spirits

Business group encompassing prestigious champagne houses and spirits brands including Moët & Chandon, Dom Pérignon, Veuve Clicquot, Hennessy, and others.

Fashion and Leather Goods

Business group including iconic fashion houses such as Louis Vuitton, Christian Dior, Fendi, Celine, and other luxury fashion brands.

Perfumes and Cosmetics

Business group comprising fragrance and beauty brands including Parfums Christian Dior, Guerlain, Givenchy, and others.

Watches and Jewelry

Business group featuring prestigious watch and jewelry brands such as TAG Heuer, Hublot, Bulgari, Tiffany & Co., and Chaumet.

Selective Retailing

Business group operating selective retail concepts including Sephora, DFS, and Le Bon Marché.

ABBREVIATIONS

€M

Millions of euros

€B

Billions of euros

FY

Fiscal Year

H1

First Half (6 months)

H2

Second Half (6 months)

YoY

Year-over-Year

QoQ

Quarter-over-Quarter

LFL

Like-for-Like

CAGR

Compound Annual Growth Rate

CAPEX

Capital Expenditures

OPEX

Operating Expenditures

P&L

Profit and Loss

B/S

Balance Sheet

CF

Cash Flow

A/R

Accounts Receivable

A/P

Accounts Payable

PPE

Property, Plant and Equipment

R&D

Research and Development

SG&A

Selling, General and Administrative

KPI

Key Performance Indicator

OTHER FINANCIAL TERMS

Organic Growth

Growth achieved through internal operations, excluding the impact of acquisitions, disposals, and currency fluctuations.

Like-for-Like (LFL) Growth

Revenue growth from stores open for at least one year, excluding new openings and closures.

Net Debt

Total borrowings minus cash and cash equivalents. A measure of financial leverage.

Leverage Ratio

Net debt divided by EBITDA. Indicates the company's ability to service its debt.

Earnings Per Share (EPS)

Net profit divided by the number of outstanding shares. A key measure of profitability per share.

FINANCIAL METRICS

EBITDA

Earnings Before Interest, Taxes, Depreciation and Amortization. A measure of a company's operating performance.

Free Cash Flow

Cash generated by operations after deducting capital expenditures. Represents cash available for distribution to investors.

Gross Margin

Revenue minus cost of goods sold, expressed as a percentage of revenue. Indicates pricing power and production efficiency.

Operating Margin

Operating profit divided by revenue, expressed as a percentage. Measures profitability from core business operations.

Return on Equity (ROE)

Net income divided by shareholders' equity. Indicates how effectively management uses equity capital.

ACCOUNTING STANDARDS

IFRS

International Financial Reporting Standards. A set of accounting standards developed by the International Accounting Standards Board (IASB) used for preparing financial statements.

IAS

International Accounting Standards. Older standards issued before IFRS, many of which are still in effect.

Consolidation

The process of combining financial statements of a parent company and its subsidiaries into a single set of financial statements.

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

Goodwill

The excess of the purchase price over the fair value of identifiable net assets acquired in a business combination.

BUSINESS GROUPS

Wines and Spirits

Business group encompassing prestigious champagne houses and spirits brands including Moët & Chandon, Dom Pérignon, Veuve Clicquot, Hennessy, and others.

Fashion and Leather Goods

Business group including iconic fashion houses such as Louis Vuitton, Christian Dior, Fendi, Celine, and other luxury fashion brands.

Perfumes and Cosmetics

Business group comprising fragrance and beauty brands including Parfums Christian Dior, Guerlain, Givenchy, and others.

Watches and Jewelry

Business group featuring prestigious watch and jewelry brands such as TAG Heuer, Hublot, Bulgari, Tiffany & Co., and Chaumet.

Selective Retailing

Business group operating selective retail concepts including Sephora, DFS, and Le Bon Marché.

ABBREVIATIONS

€M

Millions of euros

€B

Billions of euros

FY

Fiscal Year

H1

First Half (6 months)

H2

Second Half (6 months)

YoY

Year-over-Year

QoQ

Quarter-over-Quarter

LFL

Like-for-Like

CAGR

Compound Annual Growth Rate

CAPEX

Capital Expenditures

OPEX

Operating Expenditures

P&L

Profit and Loss

B/S

Balance Sheet

CF

Cash Flow

A/R

Accounts Receivable

A/P

Accounts Payable

PPE

Property, Plant and Equipment

R&D

Research and Development

SG&A

Selling, General and Administrative

KPI

Key Performance Indicator

This glossary provides general definitions. For specific accounting policies and methodologies used in this report, please refer to Note 1: Accounting Policies in the Notes to the Condensed Half-Year Consolidated Financial Statements.