AD HOC ANNOUNCEMENT
PURSUANT TO ART. 53 LR
22 MAY 2026
Please find below the Highlights and Chairman's commentary from Richemont FY26 Annual Results Announcement.
RICHEMONT DELIVERS STRONG SALES GROWTH AND SOLID RESULTS
FOR THE YEAR ENDED 31 MARCH 2026
Group highlights
- Group sales at € 22.4 billion, up by 11% at constant rates (+5% actual) with continued momentum in Q4 at +13%
- Operating profit at € 4.5 billion including € 164 million of non-recurring costs, with strong top-line growth and cost discipline mitigating the effect of weaker main trading currencies and higher raw material costs
- Continued focus on cultivating Maisons' long-term potential through sustained investment in craftsmanship, heritage preservation and strategic footprint expansion in distribution and manufacturing
Financial highlights
- Sales growth across all business areas, regions and distribution channels at constant rates; sustained double-digit performance at Jewellery Maisons and in the Americas throughout the year
- Operating profit up by 1%, or by 23% at constant exchange rates, resulting in a 20.0% operating margin
- Continued strength at Jewellery Maisons with sales up by 8%, or up by 14% at constant exchange rates, delivering a 30.5% operating margin
- Sales at Specialist Watchmakers down by 4%, or up by 1% at constant exchange rates led by a return to growth in the second half; operating margin at 3.4%
- Resilient top line at the 'Other' business area with sales down by 2%, or up by 3% at constant exchange rates; € 96 million operating loss
- € 3.5 billion profit for the period, up from € 2.8 billion, supported by robust operating profit and non-recurrence of the YNAP write-down in prior year
- Strong net cash position at € 8.5 billion, underpinned by € 4.9 billion cash flow generated from operating activities
- Proposed ordinary dividend of CHF 3.30 per 1 'A' share/10 'B' shares, up by 10%, and special dividend of CHF 1.00 per 'A' share/10 'B' shares
Key financial data (audited)
| 2026 | 2025 | change | |
| Sales | € 22 420 m | € 21 399 m | +5% |
| Gross profit | € 14 438 m | € 14 319 m | +1% |
| Gross margin | 64.4% | 66.9% | -250 bps |
| Operating profit | € 4 492 m | € 4 467 m | +1% |
| Operating margin | 20.0% | 20.9% | -90 bps |
| Profit for the year from continuing operations | € 3 464 m | € 3 762 m | -8% |
| Profit/(loss) for the year from discontinued operations | € 20 m | € (1 012) m | |
| Profit for the year | € 3 484 m | € 2 750 m | +27% |
| Earnings per 'A' share/10 'B' shares, diluted basis | € 5.909 | € 4.671 | +27% |
| Cash flow generated from operating activities | € 4 880 m | € 4 443 m | +€ 437 m |
| Net cash position | € 8 496 m | € 8 257 m | +€ 239 m |
Chairman's commentary
Overview of results
Richemont delivered a solid performance for the financial year ended 31 March 2026. As we navigated through fast-evolving geopolitical and macroeconomic conditions, the Group maintained its long-term focus, prioritising Maisons' future growth prospects, whilst exercising discipline on costs and operational execution. Group sales reached € 22.4 billion for the year, an increase of 11% at constant exchange rates (+5% at actual rates) with growth across all business areas, regions and distribution channels. This was underpinned by strong local demand and the benefits of the Group's diversified regional footprint. These drivers remained evident in the fourth quarter, enabling the Group to maintain its momentum, with sales up by 13% at constant exchange rates.
All regions contributed to growth, led by double-digit performance at constant rates in the Americas throughout the year. Sales in Middle East & Africa were also up by double digits in the year despite the adverse effect of the conflict in the region in March. In Europe and Japan, sales grew by high single digits at constant rates against elevated comparatives in the prior year. Asia Pacific also grew by high single digits, including slight growth in China, Hong Kong and Macau combined, as sales improved from the summer.
Sales were up across all distribution channels in the year, led by double-digit growth in retail at constant rates. Overall, direct-to-client sales reached 77% of overall Group sales, a slight increase over the prior year.
All the Group's Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - experienced a strong dynamic fuelled by higher demand across all geographies. Combined sales reached € 16.5 billion, up by 8% or by 14% at constant exchange rates, resulting in further market share gains in both jewellery and watches. As they faced higher costs throughout the year, notably higher gold prices combined with unfavourable currency movements, Jewellery Maisons implemented measured price increases. In parallel, they demonstrated agility in managing their operating costs, all while continuing to build brand desirability and selectively expand their retail footprint. Led by strong top-line momentum, the Jewellery Maisons were therefore able to grow their operating profit to € 5 billion, reaching an operating margin of 30.5%.
The Group's Specialist Watchmakers reported sales of € 3.1 billion, down by 4% at actual exchange rates, but up modestly at constant rates, showing some encouraging signs after a challenging 24-month period for the watch market, underpinned by growth outside of China. This stabilisation was led by sequential improvement in the second half, particularly at A. Lange & Söhne, Jaeger-LeCoultre and Vacheron Constantin. The operating result came in at € 107 million, with gross margin impacted by external macroeconomic headwinds, in addition to a deleveraging effect from lower sales on fixed costs, partly offset by solid discipline in operating costs. On 22 January 2026, Richemont and the Damiani Group, a prestigious, family-run Italian global luxury group, announced that we had signed an agreement for the Damiani Group to acquire full ownership of specialist watchmaker Baume & Mercier from Richemont in a private transaction. Together with the Damiani Group, we firmly believe that Baume & Mercier's long-term potential will be best realised as part of the Damiani Group, given the Maison's strong footprint in Italy, its predominantly multi-brand wholesale distribution model and its accessible positioning in the luxury watch segment. Closing is expected in the summer of 2026 and remains subject to certain conditions precedents.
Sales at our 'Other' business area reached € 2.7 billion, close to stable at actual rates and up by 3% at constant rates. This performance was supported by modest growth at Fashion & Accessories ('F&A') Maisons and improvement in the second half. Sales at constant rates were up in the Americas, Europe and Middle East & Africa, despite double-digit comparatives across those regions in the prior year. Of note, Peter Millar and Alaïa maintained their solid momentum, building on several years of growth. Overall, the Group's F&A Maisons posted a solid rise in sales in the ready-to-wear category for the year. Montblanc saw encouraging sequential improvement as the Maison progressed on its transformation. The operating result for the 'Other' business area amounted to a loss of € 96 million, marking a modest improvement. F&A Maisons maintained consistent and disciplined investments in their brand equity and desirability.
At Group level, operating profit came in at € 4.5 billion, including € 164 million of non-recurring costs. The strong sales momentum, combined with solid cost discipline, mitigated the decline in gross margin resulting from unfavourable currency movements and higher raw material costs, and to a lesser extent, additional US duties. Operating margin stood at 20.0%.
Profit for the year was up by 27% to € 3.5 billion, compared to € 2.8 billion in the prior year.
Finally, the Group maintained a strong net cash position, at € 8.5 billion at the end of March 2026, up € 0.2 billion versus a year before.
Dividend
Based on the performance of the year and net cash position of € 8.5 billion at the end of March 2026, the Board proposes to pay an ordinary dividend of CHF 3.30 per 1 'A' share/10 'B' shares, an increase of 10% over the prior year, as well as an additional special dividend of CHF 1.00 per 1 'A' share/10 'B' shares, subject to shareholder approval at the Annual General Meeting ('AGM') on 9 September 2026.
Annual General Meeting
As a reminder, in addition to all Board members having been re-elected for a further one-year term, all other items tabled at the AGM were adopted, including the Consolidated financial statements, the Non-Financial Report and the appointment of KPMG SA as the Company's auditor for a one-year term, succeeding PricewaterhouseCoopers.
Concluding remarks
In a persistently volatile geopolitical environment, the Group delivered strong growth and solid results, reflecting the resilience of its business model, the strength of its Maisons, the enduring agility and creativity of its teams and the benefits of its balanced regional footprint.
This performance continued to be driven by a clear long-term approach, centred on differentiation, strong brand identity and disciplined pricing. Buccellati's success since the acquisition illustrates this well, combining a distinctive heritage with creativity and craftsmanship. While each Maison operates within its own market sector dynamics, the success of many collections highlights the importance of nurturing strong creativity consistent with a clear and distinctive identity, supported by consistent execution over time.
Looking ahead, uncertainty is likely to persist, not least in relation to developments in the Middle East. Against this backdrop, the Group remains vigilant and will continue to rely on its long-term orientation and disciplined operating approach to enchant clients, maintain the desirability of its Maisons and deliver sustainable value over time for all stakeholders.
Our teams have once again demonstrated their ability to adapt, whilst remaining true to the Maisons' respective identities. I would like to thank them for their continued commitment and contribution to Richemont's performance.
Johann Rupert
Chairman
Compagnie Financière Richemont SA
About Richemont
At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their creativity and craftsmanship. 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 consumer 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 2026
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 Annual Results PDF EN | Richemont FY26 Annual Results PDF FR (abridged)
