LVMH Q2/H1 26 results preview

研报英文原文证据摘录

LVMH Q2/H1 26 results preview

J P M O R G A N Europe Equity Research

22 June 2026

LVMH Neutral

LVMH.PA, MC FP

Q2/H1 26 results preview Price (19 Jun 26):€499.25

Price Target (Dec-27):€580.00

Ahead of the Q2/H1 26 results (date TBC, last year on the 24th of July), we fine-tune European Luxury & Sporting Goods

ACour estimates on the back of recent industry data, latest geopolitical developments, Chiara Battistini

and updated FX moves (using Eur/USD at 1.145 from Q3 26). Overall we have (39-02) 8895-2700

made just minor changes, with underlying assumptions largely unchanged chiara.x.battistini@jpmorgan.com

(including our F&LG organic estimates), and 1% upgrades to earnings forecasts J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

on FX. Into Q2, we model Group sales growth at +2% ex-FX, including F&LG at

Wendy Liu

+1% (unchanged vs our previous estimates). This would be a sequential (44-20) 3493-9733

improvement vs Q1 (at -2%) on easier comps and ongoing improvements at Dior, wendy.liu@jpmorgan.com

offsetting a slightly bigger headwind from the Middle East. We model H1 EBIT J.P. Morgan Securities plc

margin down 50bps to 22.1%, including F&LG -100bps to 33.7%, dragged by Apurva Vishwaraj

forex and some operational deleverage. Overall, we do not anticipate major apurva.vishwaraj@jpmchase.com

surprises with this LVMH reporting (we are broadly in line with consensus and J.P. Morgan Securities plc

with broader markets expectations) and we think signals of stabilising trends (with Victoria Saden

notably Dior on our estimates returning to stable/slightly growing sales in Q2) (44-20) 3493-0435

victoria.saden@jpmorgan.com

should provide some support to the shares from here. At the same time, with still J.P. Morgan Securities plc