1) Financial Performance Overview
- Hermès reported sales of EUR 8 billion, up 8% at constant rates and 7% at current rates for H1 2025.
- Current operating income increased by 6% to EUR 3.3 billion.
- Net profit, adjusted for a one-off tax, reached EUR 2.5 billion, also up 6% YoY.
- Gross margin stood at 41.4%, consistent with H1 2024.
- Cash flow from operations was EUR 2.7 billion, with adjusted available cash flow at EUR 1.8 billion.

2) Segment and Regional Growth
- All regions showed growth:
- Europe (excl. France): +13%
- France: +9%
- Japan: +16%
- Asia: +3%
- America: +12%
- Leather and Saddles grew by 12%, while Ready-to-wear and Accessories increased by 6%.
- Perfume and Beauty saw a decline of 4%, affected by strong prior-year comparisons.

3) Operational Investments and Strategy
- Hermès is investing heavily in production capacity, with four new leather workshops planned over the next four years.
- Significant investments include EUR 316 million in H1 2025, focusing on expanding distribution networks and production capabilities.
- The company continues to enhance its retail presence with renovations and new store openings in key markets like the U.S. and China.

4) Challenges and Market Dynamics
- The company noted a cautious spending trend among aspirational customers, particularly affecting lower-value segments like Silk.
- The geopolitical and economic landscape remains complex, impacting customer behavior and spending patterns.
- In France, a slight slowdown in growth was attributed to reduced tourist activity and strong prior-year comparisons.

5) Guidance and Outlook
- Hermès maintains a positive outlook for the remainder of 2025, expecting to continue its growth trajectory despite external challenges.
- The company plans to open new stores and workshops, reinforcing its commitment to long-term investments.
- Future margin improvements may be constrained by rising raw material costs and increased operational expenses.

Bottom line: Hermès demonstrates robust financial health and growth across its segments, supported by strategic investments and a loyal customer base. However, external economic pressures may temper growth in certain areas, warranting cautious optimism for the remainder of 2025.