LVMH : 2Q/1H26 (due last week of July) preview: likely still not sunny

研报英文原文证据摘录

LVMH : 2Q/1H26 (due last week of July) preview: likely still not sunny

EQUITIES

LUXURY GOODS

LVMH NEUTRALPRICE* EUR499.3  TARGET PRICE EUR550 (UPSIDE 10%)

LVMH ADR NEUTRALPRICE* USD117.2  TARGET PRICE USD126 (UPSIDE 8%) TARGET -2%PRICE nonEPSmaterial27e nonEPSmaterial28e

2Q/1H26 (due last week of July) preview: likely still not sunny

When not raising our 2Q FL&G estimate could be seen somewhat disappointing22 JUNE 2026

Securities Research Report Our 2Q26 OSG forecast for the key Fashion & Leather div. (+1% on a -9% comp base) is unchanged

Production time: 05:23* (London time) compared to our 21 May report. The fact that we are not raising that number is disappointing since

Research Analysts & Publishing Entities recent industry newsflow points to Middle East crisis impacts receding throughout 2Q and the Korea

Antoine Belge Luxury mini-boom gathering pace (on that topic, you can register to our 24 July Luxury Insight call

BNP Paribas SA with a local Dpt store Mgr). Whilst posting +1% in 2Q would mean a sequential acceleration vs 1Q26(+33) 01 44 95 68 51

antoine.belge@bnpparibas.com (-2%) and FLG turning positive for the first time in two years, it would imply a further deceleration on

a 2y-stack since the comp base is 4 ppts easier in 2Q. On 1H26 EBIT, we still expect an 8% reportedMelania Grippo

BNP Paribas SA decline y/y, ie a 95bp EBIT margin decline. Detailed preview within the report.

(+39) 02 89 63 1724

melania.grippo@bnpparibas.com Sector backdrop seen better vs stock-specific considerations only gradually improving

In a report last week, we outlined we were noticing signs that the Luxury narrative could improveAnthony Charchafji

BNP Paribas London Branch again. Investors sentiment seems to be shifting toward the view that AI will actually create rather