HERMES INTERNATIONAL : 2Q/1H26e Preview: no news this time

Research evidence excerpt

HERMES INTERNATIONAL : 2Q/1H26e Preview: no news this time

EQUITIES

LUXURY GOODS

OUTPERFORM HERMES INTERNATIONAL PRICE* EUR1,620  TARGET PRICE EUR2,150 (UPSIDE 33%)

OUTPERFORM TARGET PRICE EPS 26e EPS 27eHERMES INTERNATIONAL ADR PRICE* USD185.2  TARGET PRICE USD246 (UPSIDE 33%)  -2% unchanged unchanged

2Q/1H26e Preview: no news this time

2Q/1H26e (due 29 July) preview: no incremental news, Leather back to double digits23 JUNE 2026

Securities Research Report Hermès shares have been under pressure over the past few days (-10% since 18/06), which we find

Production time: 16:03* (London time) surprising. We believe the 2Q set-up to be very different from 1Q: whilst end-March, the 1Q preview

Research Analysts & Publishing Entities process led to consensus downgrades, we believe this should not be the case for 2Q. During the

Melania Grippo 1Q26 call, management hinted at trends similar to 1Q (“no rupture in the trends”). In addition, some

BNP Paribas SA brokers and investors seem to have forgotten that 1H25 margins benefitted from a non-recurring FX(+39) 02 89 63 1724

melania.grippo@bnpparibas.com option gain (see our 1H25 comments from a year ago). In 2Q, we factor in 6.6% OSG (unchanged),

slightly accelerating vs 1Q (5.6%) with leather back to double-digits (11%) and foresee 1H26e EBITAntoine Belge

BNP Paribas SA at cEUR3.3bn and margin at 40.4% (both down y/y) due to FX impact on GM. Detailed preview on

(+33) 01 44 95 68 51 page 2.

antoine.belge@bnpparibas.com

Anthony Charchafji 2026e-28e EPS unchanged; we stand 1%/5%/5% above BBG EPS

BNP Paribas London Branch Our 2026e-28e EPS are unchanged compared to our latest report (Investment case still supported,

(+44) 20 3430 8536 even though more complex). All in all, we stand 1%/5%/5% above BBG EPS css over 2026e-28e.