Hermes International SA

Latest Results (23.04.2026):

Hermès International SA — Q4 2025 (Full‑Year 2025): The group delivered strong full‑year results with consolidated revenue of €16.0 billion (+8.9% at constant exchange rates; +5.5% reported) and recurring operating income of €6.6 billion (41.0% of sales, +7%). Net profit (group share) was €4.52 billion (adjusted net profit €4.86 billion excl. an exceptional French contribution, +5.5%). Q4 revenue was €4.09 billion, up ~9.8% at constant exchange rates, with broad‑based geographic and product‑line momentum.

Top‑line

Full‑year revenue: €16,002m (+8.9% at constant rates). Q4 revenue: €4,087m (+9.8% at constant rates). Currency movements weighed ~€515m negative on 2025 revenue.

Profitability

Recurring operating income €6,569m, up 7%, with recurring operating margin at 41.0% (vs. 40.5% in 2024). Reported net profit (group share) €4,524m; adjusted for the one‑off contribution, net profit amounted to ~€4.86bn (+5.5%).

Cash generation & balance sheet

Operating cash flow ~€5.6bn (+5%); adjusted free cash flow ~€3.9bn after €1.2bn capex and €0.3bn lease repayments. Restated net cash position ~€12.8bn (up from ~€12.0bn at end‑2024).

Geographic performance

Growth was broad‑based: Japan +14% (FY), Americas +12%, Europe ex‑France +11%, France +9%, Other (mainly Middle East) +15%. Asia (ex‑Japan) grew +5% FY, Q4 +8%.

Performance by métier

Leather Goods & Saddlery led (+13% FY) with capacity expansion; Ready‑to‑wear & Accessories +6%; Silk & Textiles +5%; Jewellery/Home (“Other Hermès sectors”) +11%. Perfume & Beauty declined (-8%) versus a strong 2024 base; Watches slightly down (-2% FY) but improved in H2.

Capital allocation & shareholder returns

Proposed dividend €18.00 per share (includes €5.00 interim already paid). Continued investment in production and retail expansion (new and extended stores, multiple workshops announced).

Workforce & sustainability

Headcount increased to 26,494 (+~1,300 in 2025, including +800 in France). Group granted a €120 monthly gross pay rise in France and a €3,000 worldwide bonus for 2025. Climate commitments: SBTi‑aligned reductions (Scopes 1 & 2 -69% absolute vs. 2018; Scope 3 -58% intensity vs. 2018).

Outlook

Management confirms an ambitious medium‑term revenue growth objective at constant exchange rates and enters 2026 confident in its vertically integrated artisanal model, balanced distribution network and creative pipeline.