Hermès International: 2025 Half-year Results
Half-year information report as at the end of June 2025
Solid Sales growth and Recurring operating income up 6%
Revenue amounted to €8 billion (+8% at constant exchange rates and +7% at current exchange rates)Recurring operating income reached €3.3 billion (41.4% of sales)
Paris, 30 July 2025
The group's consolidated revenue in the first half of 2025 amounted to €8 billion, up 8% at constant exchange rates and 7% at current exchange rates compared to the same period in 2024. All the geographical areas recorded growth. Recurring operating income reached €3.3 billion (41.4% of sales), up 6%.
In the second quarter, sales reached €3.9 billion, increasing by 9% at constant exchange rates, an improvement compared to the first quarter. All the regions grew.
Axel Dumas, Executive Chairman of Hermès, said: "The solid first-half results across all regions reflect the strength of the Hermès model. I would like to thank all our customers for their trust and all our employees for their commitment. We will continue to invest and recruit to ensure the group's sustained success."
Sales by geographical area at the end of June(at constant exchange rates, unless otherwise indicated)
At the end of June 2025, all the geographical areas posted growth. The qualitative development of the exclusive distribution network has continued.
Asia excluding Japan (+3%) posted growth in the second quarter in all the countries of the region, despite the difficult context. The region benefitted from the loyalty of local clients and the value strategy. In June, the Four Seasons Macao store reopened after renovation and expansion work, following the Taichung store in Taiwan at the end of March. In Thailand, the store in Bangkok's Central Embassy mall reopened in January after renovation and expansion work. The Hermès in the Making traveling event was staged in Shenzhen in May, giving our clients the opportunity to discover the house's exceptional savoir-faire and materials.
Japan (+16%) pursued its remarkable growth, driven by the loyalty of local clients and its qualitative distribution network.
The Americas (+12%) confirmed solid momentum in a more volatile context, driven by double-digit growth in the United States. In June, New York hosted the Mystery at the Grooms' event, a joyful and interactive event showcasing the creativity of the house's 16 métiers.
Europe excluding France (+13%) achieved solid growth supported by the loyalty of the local clients and dynamic tourist flows. France (+9%) benefited from strong growth in the group's stores. For its 15th edition, the Saut Hermès celebrated its return to the Grand Palais in Paris with the victory of our partner riders. In Italy, the store in Florence reopened in February after being renovated and expanded.
The Other area (+17%), which mainly includes the Middle East, achieved a particularly robust performance.
Sales by sector at the end of June(at constant exchange rates, unless otherwise indicated)
At the end of June 2025, the Leather Goods and Saddlery and the Other Hermès sectors achieved noteworthy performances.
The Leather Goods and Saddlery métier (+12%) posted solid growth, in line with the trajectory for the year, thanks to the increase in production capacities and sustained demand across all geographical areas. Collections were enhanced with new formats such as the Faubourg Express, P'tit Arçon, Médor and Bolide Messenger bags. The increase in production capacities continued with the upcoming September inauguration of the leather goods workshop in L'Isle-d'Espagnac (Charente), and ongoing construction of the workshops in Loupes (Gironde) by 2026 and Charleville-Mézières (Ardennes) by 2027. Hermès has also announced the opening of a 10th leather goods hub in Normandy with a new site to be inaugurated in Colombelles (Calvados) by 2028. Hermès thus continues to reinforce its local anchoring in France through the development of employment and training.
The Ready-to-wear and Accessories sector (+6%) benefited from the success of the latest ready-to-wear collections. The women's fall-winter 2025 collection was successfully unveiled in early March at the Garde Républicaine, followed by the second chapter of the collection in June in Shanghai. The men's summer 2026 runway show, unveiled in Paris at the Palais d'Iéna in June was very well received.
The Silk and Textiles sector (+4%) pursued its growth, driven by the dynamic of formats, the richness of materials and the diversity of creations.
Perfume and Beauty (-4%) sales are to be compared with a second quarter last year which benefitted from the launch of the Barénia, Hermessence Oud Alezan and H24 Herbes Vives perfumes. The perfume collections were enhanced with the creation Terre d'Hermès Eau de Parfum Intense, and the Hermès Beauty line welcomed the new lipstick, Rouge Brillant Silky.
In a still challenging environment, the Watches métier (-8%) continued their development, notably with the success of the new versions of the Hermès H08 line and the Arceau Le temps voyageur. The house also unveiled, at Watches & Wonders in Geneva in April, two new expressions of its emblematic complication Le temps suspendu, featured in the Arceau and Hermès Cut lines. In early July, Hermès announced the strengthening of its production capacities with the expansion of its Noirmont watchmaking site by 2028.
The other Hermès sectors (+10%), which include Jewellery and the Home universe, recorded solid growth, driven by the house's unique identity and creative momentum, in particular with the white gold jewellery line, Adage. The homeware collections were unveiled at the Salone del Mobile in mid-April, revealing the singularity and excellence of the house's savoir-faire. At the end of May, Hermès also announced the laying of the first stone for the new Couzeix workshop dedicated to Tableware.
Strong results in the first half of 2025
Recurring operating income amounted to €3.3 billion, up by 6% from €3.1 billion in the first half of 2024. Despite the negative impact of currency hedging, recurring operating profitability reached 41.4% compared to 42.0% at the end of June 2024.
Consolidated net profit group share amounted to €2.2 billion compared to €2.4 billion in the first half of 2024, due to the exceptional contribution on the profits of large companies in France. Excluding this exceptional contribution, net profit group share amounted to €2.5 billion, up by 6% compared to the first half of 2024.
The cash flow from operating activities reached €2.3 billion, up by 4%, at a rate close to that of the operating income. After operational investments (€0.3 billion) and repayment of lease liabilities (€0.2 billion) the adjusted free cash flow reached €1.8 billion.
After distribution of ordinary and extraordinary dividends of €2.7 billion, the restated net cash position amounted to €10.7 billion at the end of June 2025, compared to €12.0 billion at the end of December 2024.
A sustainable and responsible model
In line with its commitments as a responsible employer, the Hermès group continued to create employment, increasing its workforce by more than 500 people over the first six months of the year, including 300 new hires in France. At the end of June 2025, the group employed 25,700 people, 15,900 of whom are based in France. The house distributed in February a €4,500 bonus to all its employees worldwide for 2024, in order to share the fruits of growth with those who contribute to it on a daily basis.
Hermès continues its commitments to diversity and the inclusion of people with disabilities: In France, the direct employment rate reached 7.90%, representing more than 1,000 employees.
Hermès has continued to implement its initiatives to address climate change and preserve resources. Furthermore, Hermès supports the stakeholders in its value chain and continues to encourage their environmental and social initiatives.
The company has once again been recognized at the Transparency Awards, standing out in the 'CAC Large 60' category for its exemplary practices in financial, non-financial, and ethical communication.
Other highlights
At the end of June 2025, currency fluctuations represented a negative impact of €77 million on revenue.
Hermès International did not redeem any shares, excluding transactions completed within the framework of the liquidity contract.
Outlook
In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.
In a more uncertain economic and geopolitical context, the group continues its development with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients.
Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.
Drawn to craft is the theme of the year. From the saddle stitch to the pencil stroke, everything at Hermès begins with drawing.
Limited review procedures have been carried out on the condensed interim consolidated financial statements by the Statutory Auditors in accordance with applicable regulations.
The half-year financial report, the press release and the presentation of the 2025 half-year results are available on the group's website: https://finance.hermes.com
Upcoming events:
23 October 2025: Q3 2025 revenue publication
12 February 2026: 2025 full-year results publication
15 April 2026: Q1 2026 revenue publication
17 April 2026: General Meeting of shareholders
FIRST HALF 2025 KEY FIGURES
In millions of euros
H1 2025
2024
H1 2024
Revenue
8,034
15,170
7,504
Growth at current exchange rates vs. n-1
7.1%
13.0%
12.0%
Growth at constant exchange rates vs. n-1 (1)
8.1%
14.7%
15.1%
Recurring operating income (2)
3,327
6,150
3,148
As a % of revenue
41.4%
40.5%
42.0%
Operating income
3,327
6,150
3,148
As a % of revenue
41.4%
40.5%
42.0%
Net profit, Group share
2,246
4,603
2,368
As a % of revenue *
28.0%
30.3%
31.6%
Operating cash flows
2,733
5,378
2,829
Operating investments
316
1,067
319
Adjusted free cash flows (3)
1,847
3,767
1,776
Equity, Group share
16,602
17,327
15,052
Net cash position (4)
10,319
11,642
9,477
Restated net cash position (5)
10,723
12,039
10,033
Workforce (number of employees) (6)
25,697
25,185
23,874
(1) Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period.
(2) Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the group's economic performance.
(3) Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).
(4) Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16.
(5) The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities.
(6) Permanent + fixed‑term employment contracts with no length of service condition (23,242 published at the end of June 2024, excluding fixed-term contracts of less than 9 months, before the CSRD methodology change).
* 31.2% in the first half of 2025 after restatement of the exceptional contribution on the profits of large companies in France.
REVENUE BY GEOGRAPHICAL AREA (a)
First half
Evolution /2024
In millions of Euros
2025
2024
Published
At constant exchange rates
France
740
680
8.7%
8.7%
Europe (excl. France)
1,088
970
12.1%
12.6%
Total Europe
1,828
1,651
10.7%
11.0%
Japan
815
693
17.6%
16.0%
Asia-Pacific (excl. Japan)
3,574
3,521
1.5%
3.0%
Total Asia
4,389
4,213
4.2%
5.1%
Americas
1,455
1,329
9.5%
11.7%
Other (Middle East)
362
311
16.3%
17.2%
TOTAL
8,034
7,504
7.1%
8.1%
2nd quarter
Evolution /2024
In millions of Euros
2025
2024
Published
At constant exchange rates
France
383
368
4.1%
4.1%
Europe (excl. France)
588
526
11.7%
12.6%
Total Europe
971
894
8.6%
9.1%
Japan
394
336
17.4%
14.7%
Asia-Pacific (excl. Japan)
1,603
1,601
0.1%
5.2%
Total Asia
1,997
1,937
3.1%
6.9%
Americas
760
715
6.3%
12.3%
Other (Middle East)
177
153
15.7%
20.4%
TOTAL
3,905
3,699
5.6%
9.0%
(a) Sales by destination.
REVENUE BY SECTOR
First half
Evolution /2024
In millions of Euros
2025
2024
Published
At constant exchange rates
Leather Goods and Saddlery (1)
3,578
3,215
11.3%
12.4%
Ready-to-wear and Accessories (2)
2,255
2,162
4.3%
5.5%
Silk and Textiles
447
436
2.6%
3.5%
Other Hermès sectors (3)
1,056
967
9.2%
10.3%
Perfume and Beauty
248
259
(4.1)%
(3.8)%
Watches
281
308
(8.9)%
(7.9)%
Other products (4)
168
157
7.2%
7.5%
TOTAL
8,034
7,504
7.1%
8.1%
2nd quarter
Evolution /2024
In millions of Euros
2025
2024
Published
At constant exchange rates
Leather Goods and Saddlery (1)
1,765
1,588
11.2%
14.8%
Ready-to-wear and Accessories (2)
1,106
1,101
0.4%
3.8%
Silk and Textiles
192
194
(1.2)%
2.2%
Other Hermès sectors (3)
512
462
11.0%
14.9%
Perfume and Beauty
119
129
(8.0)%
(7.2)%
Watches
130
142
(8.9)%
(5.5)%
Other products (4)
82
83
(2.0)%
(0.4)%
TOTAL
3,905
3,699
5.6%
9.0%
(1) The "Leather Goods and Saddlery" business line includes women's and men's bags, travel items, small leather goods and accessories, saddles, bridles and all equestrian objects and clothing.(2) The "Ready-to-wear and Accessories" business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and Hermès' shoes.(3) The "Other Hermès business lines" include Jewellery and Hermès home products (Art of Living and Hermès Tableware).(4) The "Other products" include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.
REMINDER, 1ST QUARTER 2025
REVENUE BY GEOGRAPHICAL ZONE (a)
1st quarter
Evolution /2024
In millions of Euros
2025
2024
Published
At constant exchange rates
France
357
312
14.2%
14.2%
Europe (excl. France)
501
444
12.7%
12.7%
Total Europe
857
757
13.3%
13.3%
Japan
421
357
17.9%
17.2%
Asia-Pacific (excl. Japan)
1,971
1,920
2.7%
1.2%
Total Asia
2,392
2,277
5.1%
3.7%
Americas
695
614
13.3%
11.0%
Other (Middle East)
185
158
16.8%
14.1%
TOTAL
4,129
3,805
8.5%
7.2%
(a) Sales by destination.
REVENUE BY SECTOR
1st quarter
Evolution /2024
In millions of Euros
2025
2024
Published
At constant exchange rates
Leather Goods and Saddlery (1)
1,813
1,628
11.4%
10.0%
Ready-to-wear and Accessories (2)
1,149
1,061
8.3%
7.2%
Silk and Textiles
256
242
5.6%
4.5%
Other Hermès sectors (3)
544
505
7.6%
6.1%
Perfume and Beauty
129
130
