Wrap Text
Richemont delivers solid results for the six-month period ended 30 September 2025 with strong sales momentum in Q2
Compagnie Financière Richemont SA
("Richemont" or "the Company" or "the Group")
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0210483332
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
14 NOVEMBER 2025
RICHEMONT DELIVERS SOLID RESULTS
FOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2025
WITH STRONG SALES MOMENTUM IN Q2
Group highlights
* Group sales at EUR 10.6 billion with 10% growth at constant rates
(+5% actual); Q2 acceleration to +14%
* Growth in operating profit to EUR 2.4 billion underpinned by strong
sales contribution and continued cost discipline, mitigating the impact of
macroeconomic headwinds on gross margin in the first half
* Robust financial position supporting persistent focus on nurturing Maisons'
long-term growth prospects
Financial highlights
* Continued strength at Jewellery Maisons throughout H1; growth across all
business areas in Q2 at constant rates
* All regions up by double-digits in Q2 at constant rates, led by sustained
local demand
* Operating profit up by 7%, or by 24% at constant exchange rates, resulting
in a 22.2% operating margin
* Strong demand fuelling Jewellery Maisons' growth, with sales up 9% at actual
exchange rates (at constant exchange rates: +14% in H1, +17% in Q2), delivering
a 32.8% operating margin
* Slower rate of decline at Specialist Watchmakers over the period, with sales
down by 6% at actual exchange rates (at constant exchange rates: -2% in H1, +3%
in Q2); operating margin at 3.2%
* Broadly stable sales in the 'Other' business area, down by 1% at actual
exchange rates (at constant exchange rates: +2% in H1, +6% in Q2);
EUR 42 million operating loss
* EUR 1.8 billion profit for the period, driven by continuing operations and
non-recurrence of the prior-year period loss from discontinued operations
* Net cash position of EUR 6.5 billion, with EUR 1.9 billion cash flow generated
from operating activities and after EUR 0.6 billion cash transferred upon
closing of the sale of YNAP to LuxExperience
Key financial data (unaudited)
+--------------------------------+---------------+--------------+----------+
|Six months ended 30 September | 2025 | 2024 | change|
+--------------------------------+---------------+--------------+----------+
|Sales | EUR 10 619m| EUR 10 077m| +5%|
+--------------------------------+---------------+--------------+----------+
|Gross profit | EUR 6 939m| EUR 6 771m| +2%|
+--------------------------------+---------------+--------------+----------+
|Gross margin | 65.3%| 67.2%| -190bps|
+--------------------------------+---------------+--------------+----------+
|Operating profit | EUR 2 358m| EUR 2 206m| +7%|
+--------------------------------+---------------+--------------+----------+
|Operating margin | 22.2%| 21.9%| +30bps|
+--------------------------------+---------------+--------------+----------+
|Profit for the period from | | | |
|continuing operations | EUR 1 796m| EUR 1 729m| +4%|
+--------------------------------+---------------+--------------+----------+
|Profit/(loss) for the period | | | |
|from discontinued operations | EUR 17m| EUR (1 272)m| |
+--------------------------------+---------------+--------------+----------+
|Profit for the period | EUR 1 813m| EUR 457m| |
+--------------------------------+---------------+--------------+----------+
|Earnings per 'A' share/10 'B' | | | |
|shares, diluted basis | EUR 3.078| EUR 0.779| |
+--------------------------------+---------------+--------------+----------+
|Earnings per 'A' share/10 'B' | | | |
|shares, basic | EUR 3.085| EUR 0.782| |
+--------------------------------+---------------+--------------+----------+
|Headline earnings per 'A' | | | |
|share/10 'B' shares, basic | EUR 3.009| EUR 2.862| |
+--------------------------------+---------------+--------------+----------+
|Cash flow generated from | | | |
|operating activities | EUR 1 854m| EUR 1 249m| +EUR 605m|
+--------------------------------+---------------+--------------+----------+
|Net cash position | EUR 6 519m| EUR 6 108m| |
+--------------------------------+---------------+--------------+----------+
Please contact Computershare at Web.Queries@Computershare.co.za if you wish to
receive any documents electronically for Richemont.
This results announcement is the responsibility of the directors of Compagnie
Financière Richemont SA and is a summary of the information in the full
announcement available on the Stock Exchange News Service ("SENS") at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/CFR/H1FY26.pdf and on the
Group's website: https://www.richemont.com/news-media/press-releases-and-news/
This results announcement does not contain full details and any investment
decision by investors and/or shareholders in relation to the Company's shares
should be based on a consideration of the full announcement. The full
announcement is also available for inspection, at no charge, at the Company's
registered office (50 Chemin de la Chênaie, 1293 Bellevue, Geneva, Switzerland)
and the office of the Sponsor during standard office hours.
Richemont 'A' shares issued by Compagnie Financière Richemont SA are listed and
traded on the SIX Swiss Exchange, Richemont's primary listing
(Reuters 'CFR.S' / Bloomberg 'CFR:SW' / ISIN CH0210483332). They are included in
the Swiss Market Index ('SMI') of leading stocks and the MSCI Switzerland IMI
ESG Leaders Index. The 'A' shares are also traded on the Johannesburg Stock
Exchange, Richemont's secondary listing
('CFRJ.J' / Bloomberg 'CFR:SJ' / ISIN CH0210483332).
Notes for South African editors
Acknowledging the interest in Richemont's results on the part of South African
investors, set out below are key figures from the results expressed in rand.
The average euro/rand exchange rate prevailing during the six-month period ended
30 September 2025 was 20.676; this compares with a rate of 19.863 during the
comparative period.
+----------------------------+------------------+-------------------+--------+
|Six months period ended | 30 September 2025| 30 September 2024| change|
|in ZAR millions | | | |
+----------------------------+------------------+-------------------+--------+
|Revenue | 219 558| 200 159| +10%|
+----------------------------+------------------+-------------------+--------+
|Operating profit | 48 754| 43 818| +11%|
+----------------------------+------------------+-------------------+--------+
|Profit for the period | 37 486| 9 077| +313%|
+----------------------------+------------------+-------------------+--------+
|Profit/(loss) attributable | | | |
|to: Owners of the parent | | | |
|company | 37 486| 9 097| +312%|
+----------------------------+------------------+-------------------+--------+
|Non-controlling interests | -| (20)| -100%|
+----------------------------+------------------+-------------------+--------+
| | 37 486| 9 077| +313%|
+----------------------------+------------------+-------------------+--------+
|Earnings per Richemont 'A' | | | |
|share -diluted basis in ZAR | 63.6407| 15.4733| +311%|
+----------------------------+------------------+-------------------+--------+
|Headline earnings per | | | |
|Richemont 'A' share - | | | |
|diluted basis in ZAR | 62.0487| 56.6294| +10%|
+----------------------------+------------------+-------------------+--------+
Headline earnings per Richemont 'A' share exclude the impact of net profits
amounting to ZAR 930 million (EUR 45 million). In the comparative period,
headline earnings per Richemont 'A' share excluded the impact of net losses
amounting to ZAR 24 213 million (EUR 1 219 million). Further details of these
losses, which conform to the JSE Listings Requirements, are presented in note
10.3 of the unaudited interim consolidated financial statements.
Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Email: sponsorteam@rmb.co.za
Date: 14-11-2025 08:00:00
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