1) Strategy & Leadership - Richemont reported solid results for the first half of FY 2026, achieving EUR 10.6 billion in sales, a 10% increase at constant exchange rates. - The company emphasized its commitment to maintaining brand equity and investing in long-term growth, particularly in the Jewellery Maisons. - Leadership transitions, including the appointment of Louis at Cartier, are seen as opportunities for continuity and evolution within the brand.

2) Financial & Segment Results - Operating profit rose to EUR 2.4 billion, a 7% increase YoY, with an operating margin of 22.2%. - Jewellery Maisons led growth with sales of EUR 7.7 billion, up 14% at constant rates, while Specialist Watchmakers saw a 2% decline at constant rates. - The Americas region showed robust growth of 18%, while Asia Pacific returned to growth with a 10% increase in Q2.

3) Problems / Headwinds - The company faced external challenges including adverse foreign exchange movements, rising raw material costs, and the impact of increased U.S. tariffs, which are expected to total EUR 300 million for the fiscal year. - Gross margin decreased by 190 basis points due to these factors, particularly the rising gold prices and unfavorable currency fluctuations.

4) Operational or Product Plans - Richemont's Maisons are focusing on product innovation and craftsmanship, with successful launches such as Cartier's Love Unlimited line and Van Cleef & Arpels' Flowerlace collection. - The company is investing in manufacturing capabilities, particularly for the Jewellery Maisons, to ensure they can meet growing demand without overextending capacity. - The Specialist Watchmakers are adjusting their store networks, with a slight reduction in the number of stores, primarily in the franchise segment.

5) Guidance & Outlook / Investor Angle - While Richemont is optimistic about long-term growth, the company refrains from providing specific guidance for Q3 due to uncertainties in the macroeconomic environment. - The management remains focused on maintaining a balance between cost control and necessary investments to support growth, particularly in the face of potential tariff impacts and fluctuating gold prices.

Bottom line: Richemont's strong half-year results reflect resilience amid external challenges, with a focus on strategic investments and brand equity. The outlook remains cautious yet optimistic, emphasizing the company's ability to navigate complexities while fostering long-term growth.