LVMH Moët Hennessy - Louis Vuitton, Société Européenne (OTCPK:LVMHF) Q2 2025 Earnings Conference Call July 24, 2025 12:00 PM ET
Company Participants
Cecile Cabanis - Chief Financial Officer
Rodolphe Ozun - Corporate Participant
Conference Call Participants
Antoine Belge - BNP Paribas Exane, Research Division
Carole Gladys Madjo - Barclays Bank PLC, Research Division
Charles-Louis Scotti - Kepler Cheuvreux, Research Division
Daria Nasledysheva - BofA Securities, Research Division
Edouard Aubin - Morgan Stanley, Research Division
Erwan Rambourg - HSBC Global Investment Research
Louise Susan Singlehurst - Goldman Sachs Group, Inc., Research Division
Luca Giuseppe Solca - Sanford C. Bernstein & Co., LLC., Research Division
Oliver Chen - TD Cowen, Research Division
Thomas Vincent Chauvet - Citigroup Inc., Research Division
Zuzanna Pusz - UBS Investment Bank, Research Division
Cecile Cabanis
Welcome to our H1 results conference call. I'm here with Rodolphe. We are very happy to have you with us, and we will start now. What we'll do is I will start with the key highlights, then Rodolphe will give you a bit more details in terms of the divisions and activities performance. Then I'll go through the key numbers, and we will open for Q&A. Maybe before we start, I invite you to go to Page 2 and read the safe harbor statement. So I give you a few seconds to do that.
And then I propose we start with Slide 3. LVMH showed good resilience in the first half of 2025, recording EUR 40 billion in revenue, down 3% on an organic basis with disparities by region, as I will explain later. In terms of profit, the profit from recurring operations is EUR 9 billion, down 15% versus the first half of 2024, although operating margin remains excellent at 22.6%, which is 150 basis points above the first half of 2019. Finally, very strong financial situation with the free cash flow increasing to
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