Richemont Q1 27 Sales preview and fine-tuning of estimates

Research evidence excerpt

Richemont Q1 27 Sales preview and fine-tuning of estimates

J P M O R G A N Europe Equity Research

23 June 2026

Richemont Overweight

CFR.S, CFR SW

Q1 27 Sales preview and fine-tuning of estimates Price (22 Jun 26):CHF182.30

Price Target (Dec-27):CHF200.00

Ahead of the Q1 27 trading update (scheduled for 15th July), we fine-tune our European Luxury & Sporting Goods

ACestimates based on recent industry data, updated forex and commodities Chiara Battistini

assumptions, in all raising them by 1%. Once again, we expect Richemont to stand (39-02) 8895-2700

out in this reporting season, delivering another quarter of superior performance, led chiara.x.battistini@jpmorgan.com

by Jewellery Maisons but with also positive contribution from the other segments. J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

In all, we model Q1 group sales +11% ex-FX and +9% reported to €5.9bn. Within

Wendy Liu

the mix, we expect another very strong quarter for Jewellery Maisons (JPMe: (44-20) 3493-9733

+13.5% ex-FX, up from previously +12.5%), with solid momentum across all wendy.liu@jpmorgan.com

brands and with sustained performance with most nationalities (with in particular J.P. Morgan Securities plc

an outperformance in North America - our Chase credit card data suggests Apurva Vishwaraj

jewellery sales +11% in Q2 to date vs +10% in Q1 26 - South Korea and Japan). apurva.vishwaraj@jpmchase.com

(JPMorgan Chase Bank, NA, JPMC Index File 2.0, select Chase credit and debit J.P. Morgan Securities plc

card transaction data. See https://www.jpmm.com/research/content/ Victoria Saden

publication/9002054 for disclaimers and methodology.) At the other divisions, we (44-20) 3493-0435

victoria.saden@jpmorgan.com

expect Specialist Watchmakers sales +4% ex-FX on easy comps (-7%), also J.P.