1) Strategy & Leadership - LVMH demonstrated resilience in H1 2026, achieving a 2% organic revenue growth, with a sequential acceleration to 3% in Q2. - The company remains focused on operational efficiency and product innovation, which are key drivers of growth. - Leadership emphasized the importance of maintaining brand desirability and adapting to evolving consumer expectations through distinctive experiences.

2) Financial & Segment Results - Group revenue reached EUR 38.6 billion in H1, with Q2 showing a 3% organic growth. - Operating margin stood at 22.5%, with profit from recurring operations at EUR 8.7 billion. - Key segment performances: | Segment | H1 Revenue (EUR bn) | Organic Growth (%) | Operating Margin (%) | |-----------------------------|----------------------|--------------------|----------------------| | Wines & Spirits | 2.6 | 5 | 22.4 | | Fashion & Leather Goods | 18.1 | -1 | 34.1 | | Perfumes & Cosmetics | 3.9 | 0 | 10.6 | | Watches & Jewelry | 5.2 | 9 | 15.9 | | Selective Retailing | 8.4 | 5 | 10.6 |

3) Problems / Headwinds - The ongoing Middle East conflict negatively impacted top-line growth by 1 percentage point. - Currency fluctuations, particularly a negative 5% impact, affected reported revenues and margins. - The company faces challenges in the Chinese market, where demand remains flat despite easier comps from the previous year.

4) Operational or Product Plans - LVMH plans to continue investing in product innovation and enhancing retail experiences. - The company is focused on the transformation of Tiffany, with 40% of its stores renovated, aiming for improved margins as growth accelerates. - Sephora is expanding its retail network and product offerings, contributing to positive growth across key markets.

5) Guidance & Outlook / Investor Angle - The company expects continued organic growth in the Wines & Spirits division, albeit at a moderated pace compared to H1. - For Fashion & Leather Goods, while Q2 showed a return to growth, the outlook remains cautious due to potential challenges in the second half. - The management remains committed to maintaining financial discipline while pursuing growth opportunities.

Bottom line: LVMH's solid performance in H1 2026, driven by strong brand desirability and operational efficiency, positions it well for future growth despite facing currency headwinds and geopolitical challenges. Shareholders can expect continued focus on innovation and strategic investments to enhance brand value.