Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 5/6 · 22/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Champagne share sustained through weaker demand, fragrance sales leadership and fashion share gains demonstrate differentiated brand demand. Breadth and superiority against named rivals remain unverified.
durability · 2/4 · Long-established brands and champagne share persistence support durability, but heritage is not proof of future returns and the portfolio experienced material contraction through 2025.
customer dependency · 2/4 · Continuing fragrance success, established fashion-line demand and maintained champagne share indirectly support recurring preference. They do not establish customer lock-in, switching friction or measured repeat-purchase rates.
erosion resilience · 2/4 · Champagne share and beauty positioning held, and Sephora grew revenue and profit. However, organic fashion contraction and declining group margins demonstrate uneven resilience.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · The reported firm champagne pricing policy coexisted with high volumes and record shipment share in 2023, supporting limited realized pricing strength. No quantified price increases or current group-wide pricing bridge is supplied.
retention · 2/4 · Maintained champagne share, continuing fragrance success and Sephora growth indirectly indicate continuing demand. This assesses operating evidence rather than measured customer retention, and does not prove retention after specific price changes.
margin resilience · 2/4 · Recurring operating margin declined from 26.5% in 2023 to 22.0% in 2025, while Wines and Spirits profitability weakened substantially. Sephora's profit growth provides countervailing evidence; margins do not isolate pricing effects.
contractual freedom · 2/4 · Louis Vuitton’s UK consumer terms demonstrate control over order acceptance and purchase limits, while requiring written confirmation of the total price for distance sales. This supports mixed contractual freedom within that channel; the passages do not establish repricing rights for accepted orders or equivalent freedom across other LVMH Maisons and wholesale agreements.
Prévisibilité82
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 10.93
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 3.76
Solidité financière—
Missing required inputs: interestCoverageGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 94.94
- netDebtEbitGrade
- 86.49
- currentRatioGrade
- 66.72
- Debt / FCF (x)
- 1.35
- Net debt / operating income (x)
- 0.68
- Current ratio (x)
- 1.58
Allocation du capital100
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 25.21
- 3-year average dilution (%)
- -0.30
- 3-year average SBC / revenue (%)
- 0.19
- cashConversionGrade
- 100.00
Qualité du management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Operating cash generation remained near EUR 18.9 billion in 2025, investment spending fell, free cash flow rose to EUR 11.333 billion and net financial debt declined to EUR 6.857 billion. These demonstrate financial adjustment during weaker earnings; debt excludes leases and minority purchase commitments, and investment returns are not established.
incentive alignment · 2/4 · Actual 2025 CEO variable pay used revenue, operating profit and cash-flow criteria alongside qualitative objectives; bonus shares require service and performance. Disclosed family ownership supports economic exposure as of 2023, but current executive holdings, realized vesting and target rigor are not established.
execution · 2/4 · Champagne share preservation, maintained beauty positioning and Sephora growth demonstrate achievements. Group revenue and profit declines through 2025 make overall execution mixed. Assessment relies on operating outcomes, which do not isolate management's contribution.
governance · 2/4 · An independent lead director, independent committee members and no significant reported related-party transactions support oversight. Combined chairman/CEO roles and the family's disclosed 2023 voting majority concentrate authority; oversight effectiveness is not demonstrated.
Preuves
While maintaining a firm pricing policy as part of their value strategy, the champagne houses continued to achieve high sales volumes, achieving a record market share of Champagne - appellation shipments.
Wines and Spirits, 2023 highlights: pricing policy, volumes and champagne shipment share · Consulté 19/10/2026
LVMH’s champagne houses held their market share at 22% by volume, and updated their organization to boost efficiency while ensuring each Maison remained in control of its own management.
Wines and Spirits, 2025 highlights: champagne volume market share · Consulté 28/09/2026
Sauvage confirmed its position as the world’s best - selling fragrance across all categories.
Perfumes and Cosmetics, 2023 highlights: Sauvage sales leadership · Consulté 19/10/2026
Loro Piana confirmed its excellent momentum and gained market share.
Fashion and Leather Goods, 2023 highlights: Loro Piana market-share gains · Consulté 19/10/2026
2025 Universal Registration Document 1 HISTORY Although the history of the LVMH Group began in 1987 with the merger of Moët Hennessy and Louis Vuitton, the roots of the Group actually stretch back much further, to eighteenth‑century Champagne, when a man named Claude Moët decided to build on the work of Dom Pérignon, a contemporary of Louis XIV; and to nineteenth‑century Paris, famous for its imperial celebrations, where Louis Vuitton, a craftsman trunk‑maker, invented modern luggage.
History: origins of champagne and Louis Vuitton businesses · Consulté 19/10/2026
B USINESS OVERVIEW , HIGHLIGHTS AND OUTLOOK Perfumes and Cosmetics 17 2025 Universal Registration Document 3.2 Competitive position LVMH’s Beauty division has maintained its global competitive position thanks to the success of its fragrances, particularly in Europe and the United States, and the recovery in makeup in the United States, despite the ongoing impact on the skincare market of the economic situation in China.
Perfumes and Cosmetics, competitive position in 2025 · Consulté 19/10/2026
2 Financial Documents - December 31, 2025 FINANCIAL HIGHLIGHTS Revenue ( EUR millions) 86,153 84,683 2023 2024 2025 80,807 Profit from recurring operations ( EUR millions) 22,802 19,571 2023 2024 2025 17,755 Stores ( number) 6,283 6,307 6,097 2023 2024 2025 Change in revenue by business group ( EUR millions and percentage) 2025 2024 2025/2024 Change 2023 Published Organic (a) Wines and Spirits 5,358 5,862 -9% -5% 6,602 Fashion and Leather Goods 37,770 41,060 -8% -5% 42,169 Perfumes and Cosmetics 8,174 8,418 -3% 0% 8,271 Watches and Jewelry 10,486 10,577 -1% 3% 10,902 Selective Retailing 18,348 18,262 0% 4% 17,885 Other activities and eliminations 671 504 - - 324 Total 80,807 84,683 -5% -1% 86,153 (a) On a constant consolidation scope and currency basis.
Financial highlights: 2023–2025 revenue and recurring profit; 2025 organic segment changes · Consulté 28/09/2026
Japan) 16 18 21 Other markets 16 15 14 Total 100 100 100 Profit from recurring operations (EUR millions) 1,016 1,356 2,109 Operating margin (%) 19.0 23.1 31.9 Highlights 2025 confirmed the slowdown in demand observed since 2023, following several exceptional years.
Wines and Spirits: profitability and realized demand slowdown · Consulté 28/09/2026
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KEY FIGURES
INCOME STATEMENT
REVENUE BY REGION
REVENUE BY CURRENCY
REVENUE BY BUSINESS GROUP
PROFIT FROM RECURRING OPERATIONS
INCOME STATEMENT
In millions of euros
INCOME STATEMENT
202320242025
Revenue
86,153
84,683
80,807
Gross margin
59,277
56,765
53,528
in % of revenue
69 %
67 %
66 %
Profit from recurring operations
22,802
19,571
17,755
in % of revenue
26.5 %
23.1 %
22.0 %
Net profit
15,952
12,958
11,222
Group share of net profit
15,174
12,550
10,878
REVENUE BY REGION
REVENUE BY REGION
as a % of total revenue
:2025
2024
2023
Table view
REVENUE BY CURRENCY
REVENUE BY CURRENCY
as a % of total revenue
:2025
2024
2023
Table view
REVENUE BY BUSINESS GROUP
REVENUE BY BUSINESS GROUP
as a % of total revenue
:2025
2024
2023
Table view
PROFIT FROM RECURRING OPERATIONS
In millions of euros
PROFIT FROM RECURRING OPERATIONS
202320242025
Wines & Spirits
2,109
1,356
1,016
Fashion & Leather goods
16,836
15,230
13,209
Perfumes & Cosmetics
713
671
727
Watches & Jewelry
2,162
1,546
1,514
Selective retailing
1,391
1,385
1,780
Other activities and eliminations
(409)
(617)
(491)
TOTAL
22,802
19,571
Investor key figures: 2023–2025 gross and recurring operating margins and segment profits · Consulté 28/09/2026
Growth was fueled by the success of leather goods, especially the iconic Triomphe line, as well as the steady rise in ready - to - wear and the increasing popularity of its range of accessories.
Fashion and Leather Goods: Celine product-line demand · Consulté 19/10/2026
• Remarkable performance by Sephora, which continued to achieve growth in both revenue and profit, and consolidated its position as world leader in beauty retail.
2025 highlights: Sephora revenue and profit growth · Consulté 28/09/2026
2025 Universal Registration Document 3 Net profit (EUR millions) Net profit, Group share (EUR millions) Basic Group share of net earnings per share (EUR) 11 ,222 15,952 12,958 2023 2024 2025 15,174 10,878 12,550 2023 2024 2025 21.86 30.34 25.13 2023 2024 2025 Net cash from operating activities (EUR millions) Operating investments (EUR millions) Operating free cash flow (a) (EUR millions) 18,400 18,924 18,874 2023 2024 2025 4,567 7,478 5,531 2023 2024 2025 8,104 10,478 11,333 2023 2024 2025 (a) See the consolidated cash flow statement on p.
Financial highlights: operating cash generation, investments and free cash flow · Consulté 19/10/2026
Dividend per share (a) (EUR) Net financial debt (a) (EUR millions) Equity and Net financial debt/Equity ratio (EUR millions and percentage) 13.00 13.00 13.00 (b) 2023 2024 2025 9,228 10,746 6,857 2023 2024 2025 68,949 62,701 69,287 13.3 % 9.9 % 17.1 % 2023 2024 2025 (a) Gross amount paid for the fiscal year, excluding the impact of tax regulations applicable to the recipient.
Financial highlights: net financial debt and equity ratios · Consulté 19/10/2026
(a) Excluding “Lease liabilities” and “Purchase commitments for minority interests’ shares”.
Financial highlights: exclusions from net financial debt · Consulté 19/10/2026
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Notes to the condensed consolidated f nancial statements 47 Financial Documents - December 31, 2025 Other equity - related transactions comprise the following elements for the fiscal years presented: (EUR millions) Notes 2025 2024 2023 Capital increases of LVMH SE 16 - 53 - Capital increases of subsidiaries subscribed by minority interests 6 35 15 Acquisition and disposal of LVMH shares 16 (1,640) (312) (1,584) Other equity - related transactions (1,634) (224) (1,569) 16.
Note 15.4: actual capital increases and transactions in LVMH shares · Consulté 28/09/2026
For the fiscal year ended December 31, 2025, the criteria used to determine variable compensation for the Chairman and Chief Executive Officer are broken down as follows: • 50% of total variable compensation depends on financial (quantifiable) criteria relating to growth in the Group’s revenue, operating profit and cash flow relative to the budget trajectory for the year in question; • 50% of the total variable compensation is based on criteria related to strategy , management, corporate social responsibility and sustainability , broken down as follows: – criteria related to strategy and management (qualitative): 70%; – criteria related to CSR and sustainability (quantifiable and qualitative): 30%.
General information: actual 2025 CEO variable-compensation criteria · Consulté 19/10/2026
The vesting of bonus shares is subject to a continued service condition under which recipients must still be with the Group on the date the shares vest and subject to the achievement of performance conditions.
General information: bonus-share service and performance vesting conditions · Consulté 19/10/2026
SHARE CAPITAL AND VOTING RIGHTS AS OF DECEMBER 31, 2023 Shareholders Number of shares Number of voting rights (a) % of share capital % of voting rights (a) Arnault family group 243,981,074 471,305,051 48.60 64.33 Other shareholders 258,067,326 (b) 261,329,171 51.40 (b) 35.67 Total 502,048,400 732,634,222 100.00 100.00 (a) Voting rights that may be exercised at Shareholders’ Meetings.
Share capital and voting rights as of December 31, 2023 · Consulté 19/10/2026
Board of Directors Bernard Arnault Chairman and Chief Executive Officer Alexandre Arnault Antoine Arnault Delphine Arnault Frédéric Arnault Dominique Aumont Director representing employees Marie-Véronique Belloeil-Melkin Director representing employees Henri de Castries (1) Lead Director Sophie Chassat (1) Wei Sun Christianson (1) Clara Gaymard (1) Marie-Josée Kravis (1) Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Hubert Védrine (1) Advisory Board members Diego Della Valle Lord Powell of Bayswater Executive Committee Bernard Arnault Chairman and Chief Executive Officer Stéphane Bianchi Group Managing Director Maud Alvarez-Pereyre Human Resources Delphine Arnault Christian Dior Couture Nicolas Bazire Development and Acquisitions Pietro Beccari Fashion Group & Louis Vuitton Damien Bertrand Louis Vuitton Cécile Cabanis Finance Jean-Jacques Guiony Wines & Spirits Guillaume Motte Sephora Stéphane Rinderknech Hospitality Excellence & Beauty Jérôme Sibille General Administration & Legal Affairs Jean Baptiste Voisin Strategy General Secretary Marc-Antoine Jamet Performance Audit Committee Clara Gaymard (1) Chairman Laurent Mignon (1) Marie-Laure Sauty de Chalon (1) Natacha Valla (1) Compensation Committee Natacha Valla (1) Chairman Marie-Véronique Belloeil-Melkin Sophie Chassat (1) Marie-Josée Kravis (1) Sustainability & Governance Committee Henri de Castries (1) Chairman Sophie Chassat (1) Marie-Laure Sauty de Chalon (1) Hubert Védrine (1) Statutory Auditors Deloitte & Associés represented by Guillaume Troussicot and Bénédicte Sabadie Forvis Mazars SA represented by Jérôme de Pastors and Simon Beillevaire Statutory Auditor in charge of certifying sustainability information Deloitte & Associés represented by Guillaume Troussicot
Executive and supervisory bodies as of January 1, 2026: board and committee composition · Consulté 28/09/2026
32. RELATED‑PARTY TRANSACTIONS No significant related - party transactions occurred during the fiscal year.
Note 32: related-party transactions in 2025 · Consulté 28/09/2026
Among these marketing and selling expenses, advertising and promotion expenses amounted to 12% of revenue, increasing by 10% on a constant consolidation scope and currency basis.
Income-statement commentary: advertising and promotion expenditure · Consulté 19/10/2026
In particular, payments made in order to have products referenced or, in accordance with agreements, to participate in advertising campaigns with the distributors, are deducted from related revenue.
Revenue recognition: distributor listing and advertising agreements · Consulté 19/10/2026
Provisions for product returns Perfumes and Cosmetics companies and, to a lesser extent, Fashion and Leather Goods and Watches and Jewelry companies may accept the return of unsold or outdated products from their customers and distributors.
Provisions for product returns · Consulté 19/10/2026
Businesses undertaken in partnership with Diageo A significant proportion of revenue for the Group’s Wines and Spirits businesses is generated within the framework of distribution agreements with Diageo, generally taking the form of shared entities that sell and deliver both groups’ products to customers; the income statement and balance sheet of these entities is apportioned between LVMH and Diageo based on distribution agreements.
Businesses undertaken in partnership with Diageo · Consulté 19/10/2026
While maintaining a firm pricing policy as part of their value strategy, the champagne houses continued to achieve high sales volumes, achieving a record market share of Champagne - appellation shipments.
Wines and Spirits: champagne pricing policy · Consulté 19/10/2026
The sales associate will then confirm to you in writing the details of your order, including the total price (including VAT and any delivery costs, if any).
Louis Vuitton UK consumer sale terms, Store Distance Sales: price confirmation · Consulté 19/10/2026
Our acceptance of orders is subject to availability and will be confirmed to you by email or SMS.
Louis Vuitton UK consumer sale terms: order acceptance subject to availability · Consulté 19/10/2026
- Within 4 consecutive weeks a client cannot: (i) purchase more than 6 Leather Goods (including Small Leather Goods), 6 Accessories, 6 Perfumes, 6 Pairs of Shoes or 6 pieces per type of Ready to Wear; (ii) purchase more than 2 of the same identical products; and/or (iii) conduct more than 8 transactions of all kinds of products.
Louis Vuitton UK consumer sale terms: purchase quantity and transaction limits · Consulté 19/10/2026
