LVMH reported first-half 2026 revenue of €38.64 billion, representing a reported decline of 3% from €39.81 billion in the prior-year period.
Organic revenue, which excludes currency movements and changes in the company’s structure, increased 2% during the first half. Growth accelerated to 3% in the second quarter and would have reached 4% excluding the effects of the conflict in the Middle East.
The luxury group generated €8.69 billion in profit from recurring operations, down 4% from €9.01 billion a year earlier. Its recurring operating margin remained at a relatively high 22.5%.
Net profit attributable to the group remained essentially unchanged at €5.7 billion. Operating free cash flow increased 2% to €4.1 billion, while net financial debt declined 19% to €8.25 billion.
LVMH said demand improved across several important markets. Growth accelerated in the United States, while Asia outside Japan continued the recovery that began during the second half of 2025. Japan posted growth for the first half, and Europe remained resilient.
Wines and Spirits generated €2.6 billion in first-half revenue, with organic growth of 5%. Profit from recurring operations increased 11% as champagne and cognac showed signs of recovery.
Fashion and Leather Goods remained LVMH’s largest business, generating €18.15 billion in revenue. Reported revenue declined 5%, while organic revenue fell 1% for the first half. However, the division returned to organic growth of 1% during the second quarter.
LVMH attributed the improvement partly to Jonathan Anderson’s initial designs for Christian Dior and strong activity at Louis Vuitton’s new stores in Beijing and Seoul.
Perfumes and Cosmetics generated €3.91 billion in first-half revenue. Organic sales were unchanged for the half and declined 1% during the second quarter.
Watches and Jewelry delivered one of the group’s strongest performances. First-half revenue increased 3% on a reported basis to €5.23 billion, while organic growth reached 9%. Second-quarter organic revenue rose 11%, supported by Tiffany and Bvlgari.
Selective Retailing generated €8.41 billion in revenue. Organic growth reached 5% for the first half and 6% during the second quarter, with Sephora continuing to gain market share across several countries.
LVMH remains cautious about geopolitical and economic conditions but said it entered the second half with greater confidence in the long-term potential of its brands. The company plans to continue focusing on product quality, brand desirability, retail execution and cost discipline.
An interim dividend of €5.50 per share is scheduled to be paid on December 3, 2026.
