Richemont: Beyond the print

研报英文原文证据摘录

Richemont: Beyond the print

Equity Research

European Luxury Goods & Specialty Retail

26 May 2026

Richemont

Beyond the print

Richemont reported FY-26 results that were a beat on

revenue, but a slight miss on margins. We see organic growth

beat as a positive. Beyond the print, raw materials would be a CFR.S/CFR SW OVERWEIGHT Unchanged

590bps to 1H gross margin, and price/mix and opex savings European Luxury Goods & NEUTRAL

are the key offsetting factors. Specialty Retail Unchanged

Price Target CHF 195.00

lowered -3% from CHF 200.00

Results key take: We see results as strong, given topline beat. EBIT ex non-recurring costs

was solid. Richemont reported FY-26 results with 4Q revenue at EUR 5.4bn (2% beat vs, cons) Price (22-May-26) CHF 155.75

and 13% cFx growth (375bps above). Margins were a miss, with FY-26 EBIT at €4.5bn vs cons. at Potential Upside/Downside +25.2%

Source: Bloomberg, Barclays Research

€4.6bn, implying a margin of 20.0%, a c.50bp miss (189bops in 2H). While FY EBIT was affected

by €164m of one-off costs related to impairments and the disposal of Baume & Mercier.

Excluding such costs, the EBIT margin would have been 20.8%, a 30bp beat. FY EPS at EUR 5.91 Market Cap (CHF mn) 92101

was c4% below consensus. Shares Outstanding (mn) 1075.16

Free Float (%) 96.59

Results details: Strong JW, APAC, Japan, Americas: The Jewellery maisons division reported 52 Wk Avg Daily Volume (mn) 0.8

a strong topline beat, up 14% cFX vs cons. at 13%, with positive contributions from price (5/6%), Dividend Yield (%) 2.12

LFL volumes and mix. EBIT margin was a slight miss, at 30.5% vs cons. at 30.9%, largely driven Return on Equity TTM (%) 15.09

by FX and gold price headwind on Gross Margin. In 4Q, Americas (18%) were even stronger than Current BVPS (CHF) 40.92