EarningsQ2 2026 Earnings Report
DE:MOHF Q2 2026 EPS Results
Actual EPS€2.34
Consensus EPS€2.21
Beat/MissBeat by +€0.13
One Year Ago EPS€2.40
DE:MOHF Q2 2026 Revenue Results
Actual Revenue€40.23B
Expected Revenue€19.79B
Beat/MissBeat by +€20.44B
YoY Revenue Growth+3.68%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeDuring Market Hours
Conference CallMonday, July 27, 2026
DE:MOHF Upcoming Earnings
LVMH Moet Hennessy Louis Vuitton SE's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:MOHF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational and financial picture: organic growth accelerated in Q2, margins remained very high (operating margin 22.5%), cash generation was strong (>€4bn free cash flow), and several divisions—most notably Watches & Jewelry and Wines & Spirits—delivered robust organic growth and margin gains. However, meaningful negatives remain, chiefly large currency headwinds (roughly -5% on revenues and ~€700m on operating income), geopolitical/tourism impacts (Middle East and travel retail), perimeter effects from DFS disposals, and some near-term operational constraints (e.g., Dior production ramp-up, Tiffany renovation costs). On balance the operational momentum, cash generation and margin discipline outweigh the material but largely external FX and geopolitical headwinds.Company Guidance
Group organic revenue growth and scale
Group revenue reached €38.6 billion in H1 2026, up 2% organic (Q2 +3% organic) with sequential acceleration across the second quarter.
Very high operating margin and recurring profit
Group operating margin reached 22.5% with profit from recurring operations of €8.7 billion in H1.
Strong free cash flow and improved balance sheet
Free cash flow exceeded €4.0 billion (H1: €4.1bn); net debt declined by almost €2 billion and gearing fell to 12%.
Watches & Jewelry outperformance
Watches & Jewelry revenue €5.2 billion, up 9% organic and +3% reported; profit from recurring operations €831 million (+9% YoY) and operating margin rose to 15.9% (+90 bps); Jewelry delivered double-digit growth in Q2, driven by Tiffany and Bvlgari.
Wines & Spirits solid organic growth and margin expansion
Wines & Spirits revenue €2.6 billion, up 5% organic; profit from recurring operations rose 11% to €582 million and operating margin improved by 210 bps to 22.4%.
Selective Retailing and Sephora momentum
Selective Retailing revenue €8.4 billion, up 5% organic; profit from recurring operations €893 million (+2% YoY) and operating margin improved to 10.6%; Sephora posted good growth across key markets and continued store/network expansion.
Regional improvements in key markets
Regional H1 organic growth led by Asia +6%, Japan +5%, and U.S. +4%; Q2 showed mid-single-digit growth in U.S., Japan and Asia with tourism improving sequentially.
Disciplined cost management and margin resilience
Gross margin improved by ~30 bps to 67.1%; marketing & selling expenses declined 2% and G&A held flat, supporting margin expansion despite a challenging macro backdrop.
Shareholder returns
Interim dividend set at €5.50 per share and continuing share buybacks contributed to a slight increase in equity.
DE:MOHF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed