Hermes International Q2/H1 26 results preview and fine-tuning of estimates

Research evidence excerpt

Hermes International Q2/H1 26 results preview and fine-tuning of estimates

J P M O R G A N Europe Equity Research

22 June 2026

Hermes International Neutral

HRMS.PA, RMS FP

Q2/H1 26 results preview and fine-tuning of estimates Price (19 Jun 26):€1,721.50

Price Target (Dec-27):€2,000.00

Ahead of H1 26 results scheduled for the 29th of July, we fine-tune our Hermes European Luxury & Sporting Goods

ACestimates (we reduce by 1%) on the back of recent industry data, latest FX moves Chiara Battistini

and discussions with the IR team. Overall, we model Q2 sales +6.5% ex-FX (we (39-02) 8895-2700

were previously at +7.0%, we have reduced slightly on higher volatility in China chiara.x.battistini@jpmorgan.com

than we had previously anticipated), and +4% reported to €4,063m. This would be J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

a slight improvement sequentially, despite the bigger drag from the Middle East

Wendy Liu

situation (at around 2% in Q2 vs 1% in Q1), as leather goods re-accelerates (we (44-20) 3493-9733

model the segment +11% ex-FX in Q2 vs +9% in Q1), thanks to store openings wendy.liu@jpmorgan.com

(mainly the one in Beijing, while we anticipate little contribution from the recent J.P. Morgan Securities plc

New Bond Street reopening) and some improvement with tourists in France. We Apurva Vishwaraj

also model RTW and Accessories to improve to +4% ex-FX (from flat last quarter) apurva.vishwaraj@jpmchase.com

albeit largely helped by comps and still implying negative volumes YoY, while all J.P. Morgan Securities plc

the other segments should be similar to slower vs Q1. Regionally, we expect growth Victoria Saden

to still be led by Americas (JPMe +14%, slowing vs +17% in Q1 annualising more (44-20) 3493-0435

victoria.saden@jpmorgan.com