AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
13 NOVEMBER 2026
Please find below the Highlights and Chairman's commentary from the Richemont FY27 - Interim Results announcement.
RICHEMONT POSTS STRONG RESULTS FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2026 DRIVEN BY SUSTAINED DOUBLE-DIGIT SALES GROWTH
Group highlights
- Group sales at € 12.3 billion, up by 17% at constant rates (+16% actual), including sustained Q2 growth of +13%
- Operating profit of € 3.1 billion, fuelled by strong sales growth against a context of persistently elevated raw material costs; € 2.9 billion excluding € 229 million positive tariff-related one-time items
- Strengthening the enduring appeal of our Maisons through unwavering product creativity and craftsmanship, alongside strategic investment in our network and manufacturing capabilities
Financial highlights
- Double-digit growth across most regions throughout H1, led by Japan, the Americas and Asia Pacific
- Broad-based strength across business areas in H1, including in Q2 against elevated comparatives
- Excellent performance at Jewellery Maisons, with sales up by 19% at constant exchange rates (+18% actual)
- Robust sales at Specialist Watchmakers over the period, up by 10% at constant exchange rates (+9% actual)
- Continued momentum in the 'Other' business area, up by 9% at constant and actual exchange rates
- Operating profit up by 33%, or by 38% at constant exchange rates
- Operating margin at 25.5%, up by 330bps; 23.6% (+140bps) excluding the positive contribution from one-time items
- € 2.5 billion profit for the period, up by 39%
- Strong net cash position at € 7.7 billion, reflecting € 2.5 billion cash flow generated from operating activities, a € 0.4 billion cash inflow from disposal of the Avolta stake and the increased dividend payment
Key financial data (unaudited)
| Six months ended 30 September | 2026 | 2025 | change |
| Sales | € 12 282 m | € 10 619 m | +16% |
| Gross profit | € 8 165 m | € 6 939 m | +18% |
| Gross margin | 66.5% | 65.3% | +120 bps |
| Operating profit | € 3 129 m | € 2 358 m | +33% |
| Operating margin | 25.5% | 22.2% | +330 bps |
| Profit for the period from continuing operations | € 2 528 m | € 1 796 m | +41% |
| Profit for the period from discontinued operations | - | € 17 m | |
| Profit for the period | € 2 528 m | € 1 813 m | +39% |
| Earnings per 'A' share/10 'B' shares, diluted basis | € 4.29 | € 3.08 | |
| Cash flow generated from operating activities | € 2 500 m | € 1 854 m | +€ 646 m |
| Net cash position | € 7 729 m | € 6 519 m |
Chairman's commentary
Overview of results
In the first six months of the financial year, Richemont delivered strong results in a volatile geopolitical and macroeconomic environment. The Group posted sales of € 12.3 billion, an increase of 16% at actual exchange rates and 17% at constant exchange rates. After a particularly strong Q1 in which sales rose by 20% at constant rates, the Group maintained momentum with growth of 13% in Q2 against a high comparative of +14% in the prior-year period. Both in the first half and the second quarter, all business areas performed strongly, with double-digit rises across every region except Middle East & Africa - a broad-based result driven by disciplined execution and the Group's diversified growth engines.
Sales rose across all distribution channels in the first half. Retail and online sales were particularly strong, leading to a 78% share of direct-to-client sales, a 2-percentage point increase versus the prior-year period.
The Group's Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - posted an 18% increase in sales in the first six months of the year. At constant exchange rates, sales were up by 19% in the first half, with Q2 up by 14%. This excellent performance was driven by strong demand for iconic jewellery and watch collections across geographies, buoyed by the appeal of product novelties combined with a commitment to delivering lasting value to our clients. Against a backdrop of elevated raw material costs, the Jewellery Maisons preserved their disciplined approach to pricing and continued investing to safeguard future growth. On the back of their strong sales performance, the Jewellery Maisons delivered a € 3.2 billion operating result in the first half, up from € 2.5 billion in the prior-year period. Operating margin stood at 35.3%, or 33.4% excluding positive one-time items.
The Group's Specialist Watchmakers recorded sales of € 1.7 billion, up by 9%. At constant exchange rates, sales in the six-month period grew by 10%, and +12% in the second quarter. Although recovery is unlikely to be linear in an environment that continues to be challenging for the industry, I am pleased to see our Specialist Watchmakers delivering growth for over a year now. In the first half, most Maisons grew, led by Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne whose sales were supported by iconic lines and impactful novelties. This performance was achieved against continued soft demand in China. Whilst sales were stable in Asia Pacific, they rose by double digits across all other regions, led by strength in the Americas and Japan. Operating profit reached € 150 million, up from € 50 million in the prior-year period, largely resulting from solid sales growth combined with effective cost discipline. Operating margin stood at 8.8%, or 7.7% excluding positive one-time items.
Sales at our 'Other' business area were up by 9% at actual and constant exchange rates, with steady momentum throughout the first half. Sales at Fashion & Accessories Maisons experienced a similar pattern, supported by double-digit growth in ready-to-wear. The performance was primarily driven by double-digit growth at Alaïa and Peter Millar, combined with improved momentum at Montblanc. Overall, the 'Other' business area recorded a € 12 million operating loss. Excluding positive one-time items, the operating loss of the business area was broadly stable compared to the prior-year period with modest improvement in F&A operating result.
Operating profit from continuing operations came in at € 3.1 billion, up by 33%. Excluding € 229 million positive one-time items, operating profit stood at € 2.9 billion. Whilst elevated raw material costs continued to weigh on the gross margin, profitability benefitted from the positive effect of the strong top line expansion. Profit for the period increased to € 2.5 billion, up by 39% compared to the prior-year period.
Finally, our robust net cash position amounted to € 7.7 billion at 30 September 2026. This was driven by a € 2.5 billion cash flow from operating activities, a € 0.4 billion cash inflow from the disposal of the Group's stake in Avolta, and also accounted for the significantly increased dividend payment in September of this year.
Annual General Meeting and Board changes
On 9 September 2026, the Board announced the appointment of Anton Rupert as Non-Executive Co-Deputy Chairman, serving alongside Bram Schot, who has held the position since 2024. This appointment is an important step in our long-term succession planning and reflects our commitment to sound governance.
The two roles are designed to be complementary. Anton oversees matters relating to the Maisons' Strategic Product and Communications Committee, helping to ensure continuity in the creative vision and product excellence that define our Maisons and underpin their long-term success. Bram assumes responsibility for Board and Committee governance matters, including the effective coordination of the Board's committees and oversight of the Group's corporate governance framework.
A long-term perspective, sound governance and a commitment to creativity and craftsmanship remain central to Richemont's culture. These principles have served our Maisons well and will continue to guide us.
At the Annual General Meeting ('AGM') held on 9 September 2026, all Board members standing for re-election were re-elected for a further one-year term. Wendy Luhabe was also reappointed as the 'A' shareholders' representative.
For the third consecutive year, shareholders approved the Group's annual Non-Financial Report, which sets out our approach to responsible business.
Concluding remarks
The Group delivered a strong first half, carried by the sustained excellent performance of our Jewellery Maisons, robust growth at our Specialist Watchmakers, and solid momentum at our Fashion & Accessories Maisons despite a challenging fashion market. These results reflect the strength of our long-term strategy and demonstrate the enduring attractiveness and relevance of our Maisons' positioning.
Performance was broad-based across regions, with growth recorded across all major markets except the Middle East and Africa. Our thoughts remain with colleagues, clients and their loved ones affected by the ongoing conflict in the Middle East.
Sales growth and disciplined operational execution enabled the Group to increase profitability despite continued pressure from elevated raw material costs. Our strong cash position also enabled us to continue investing in the long-term development of our Maisons.
Whilst we cannot predict what lies ahead, we expect the macroeconomic and geopolitical environment to remain volatile for the foreseeable future. These conditions reinforce the importance of maintaining operational discipline whilst continuing to invest in the people, creativity and craftsmanship on which our Maisons' long-term success depends, enabling us to create enduring value for all our stakeholders.
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, 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 consumers 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 FY27 Interim Results PDF EN | Richemont FY27 Interim Results PDF FR (abridged)
