LVMH Moet Hennessy Louis Vuitton SE: LVMH: Highlights from the 1H26 conference call

研报英文原文证据摘录

LVMH Moet Hennessy Louis Vuitton SE: LVMH: Highlights from the 1H26 conference call

27 July 2026

Luca Solca

+41 582 723 126

Global Luxury Goods luca.solca@bernsteinsg.com

LVMH Moet Hennessy Louis Vuitton SE Maria Meita

+44 20 7170 0540

Rating maria.meita@bernsteinsg.com

Outperform Yi-Peng Khoo, CFA

Price Target +44 20 7676 6822

yi-peng.khoo@bernsteinsg.com

MC.FP 600.00 EUR

Eric Chen, CFA

+852 2123 2628

eric.chen@bernsteinsg.com

LVMH: Highlights from the 1H26 conference call

LVMH reported its 1H26 results today. This report contains key points from its investor

Close Date 27 Jul 2026

conference call. Results Quick Take: LVMH: 1H26E good enough?

MC.FP Close Price (EUR) 466.80

LVMH’s F&LG division’s return to growth (after a 7-quarter drought) comes in the Price Target (EUR) 600.00

context of significant AI-driven wealth creation. Both W&J and F&LG saw the strongest Upside/(Downside) 29%

acceleration in the USA, South Korea and Japan - the former two being the greatest 52-Week Range 654.70/440.00

beneficiaries of the AI-driven boom in tech. Likewise, growth in Japan was likely boosted by EDME 1,600.33

Korean and American tourists. Spend by Japanese, European and Chinese nationals, on the FYE Dec

other hand, remained flattish. Div Yield 2.8%

Market Cap (EUR) (M) 231,445

LVMH emphasized that all F&LG brands accelerated sequentially in 2Q26, despite a EV (EUR) (M) 255,782

-1% impact on the quarter from the war in the Middle East. Louis Vuitton performed in-line Performance YTD 1M 6M 12M

with the division average of +1% cFX, while Dior performed above average, growing with all Absolute (%) (27.6) (5.8) (20.8) (4.5)

nationalities in 2Q26. The W&J and W&S divisions also generated a sequential acceleration, EDME (%) 8.8 1.2 5.2 17.6