LVMH Moët Hennessy - Louis Vuitton

Good evening.

I'm delighted to present to you the figures for 2025. To begin with, a good piece of news. I think we'll make it through the winter. The commentators had concerns, especially some journalists. I believe we can say more seriously that the results of the group are solid in a rather challenging, disrupted climate economically from the geopolitical standpoint. But we've managed to... get through this period 2026 won't be simple either but one thing at a time so revenue just over 80 billion let's states that it's twice what it was 10 years ago. Organic growth slightly negative on the year, but positive in the second half. CFO will tell you more about the figures. Operating margin at 22%, way above the average of the last 20 years. years, a negative foreign exchange impact, an impact that I don't think is going to improve this year for various reasons, and an economic context that is changing swiftly, disrupted, sometimes unforeseeable, and in spite of that, through management efforts and I'd like to thank the executive committee that is with us here this evening for the efforts undertaken both in order to expand the business and to contain cost because and this is metric that is key for us cash flow is up and in spite of everything that is thrown at us, including the taxes that were said to disappear, but unfortunately won't disappear. We can return to that if there are questions. But operating free cash flow reaches 11.3 billion. You'll see looking in greater detail the figures that we have an improvement in the trend across our activities and this is maintained by the strong desirability of our brands. Numerous initiatives taken across our businesses I'd cite here in no particular order Vuitton with Pietro Beccari, who has been heading up that business for years at my side in a masterly fashion. We've taken a great many initiatives. The most prominent and the most outstanding was the opening in Shanghai and I visited a while back of the Vuitton ship, a museum that's the ship, not at sea but on a square that's very successful, very successful for the brand because every week I think there are about 100,000 people around that ship. inside its magnificent, very refined, high-quality craftsmanship constructed and crafted by the Vuitton workshops and craftsmen. We've also expanded the Dior brand considerably. Last year, we opened two hotels houses in the United States, one in New York and one in Los Angeles, both highly creative and refined, but also very successful. And more recently, we opened a Maison Dieu, also in Beijing, next to a new Vuitton house. So a lot of activity, a lot of creation. Going into the more specific details of the various activities, I'd like to emphasize here the new progress in the group's commitments. For us, it's of prime importance. You have the table on the screen showing everything we're achieving in a great many important areas, climate, biodiversity. commitment and engagement of our employees. Well, on the engagement, the roadmap balance 21-25 is very positive. We've reached all the commitments, equal opportunities that form fruit, those initiatives, 50% of women in key positions within the group. Another key initiative, the Institute of Trades of Excellence to preserve craftsmanship and has trained over 3,800 apprentices since it was established on the environment of France. be able to take your questions on that. The group's leadership was once again recognized because in the CDP, the Carbon Disclosure Project, we've reached the best score, triple A. Now, the circular design, 41% of materials used to make the Maison's products now source through the recycling progress and Recycling raw materials is up and we've remained mobilized to protect and regenerate all our ecosystems. Let's now move to a brief but more detailed review of our business groups. Firstly, wines and spirits. Now, in wines and spirits, our brands are displaying good resilience in a challenging context, difficult in particular for cognac, which both in China and the United States is affected by tariffs that have exceeded our forecast. So, for cognac, We're facing a difficulty due to that development, but we're addressing it. We're trying to reach agreements. We've made progress with China. I hope we'll make progress with the United States if international relations are restored, and that should be hopeful. And Champagne is holding up well. in a market that is less buoyant. Perhaps there were fewer celebrations in 2025, but Veuve Clicquot in the largest market of the United States and Asia is growing in volume terms, and also a good year for Moet & Chantal, once again benefiting from high visibility. We've resumed the partnership with Formula One Grand Prix races and that's very promising for Moët & Chanteau that celebrates every Formula One Grand Prix with a bottle of our champagne. Rosé wines are also growing well. That was a good acquisition. It wasn't the case of all acquisitions, but that was particularly felicitous. So we're way out in front and we're leader for Rosé wine, be it Chateau d'Esclant, Milouté or Galopé. Those three acquisitions are faring very well. As I said, it's a bit more challenging for Cognon. That explains the results that you've seen for that business.

Moving now to fashion and leather goods.