LVMH Group 26Q2 Results Snapshot: Fashion & Leather Goods Return to Organic Growth in 2Q26

English summary

Overview: LVMH Group FY26H1 total revenue of EUR 38.64 billion, -3% yoy, organic growth (same below) +2%. Operating profit was EUR 8.69 billion, -4% yoy, OPM 22.5%, -0.1pct yoy, better than market expectations (vs. Bloomberg consensus of 21.9%). 26Q2 total revenue was EUR 19.52 billion, organic growth +3%, slightly better than market expectations (vs. Bloomberg consensus of +2.3%); excluding the impact of the Middle East conflict, Q2 organic growth was +4%. The company will pay an interim dividend of EUR 5.5 per share at year-end. By region: FY26H1 organic growth for US/Japan/Asia Pacific (ex-Japan)/Europe was +4%/+5%/+6%/-1%. In 26Q2, organic growth for US/Japan/Asia Pacific (ex-Japan)/Europe was +6%/+14%/+4%/flat; US was better than market expectations (vs. Bloomberg consensus of +4.0%), while Asia Pacific (ex-Japan) overall was in line with market expectations (vs.…