Hermès International: 2025 Full-Year Results
Revenue exceeded the €16 billion threshold
and operating income up 7%
Paris, 12 February 2026
The group’s consolidated revenue amounted to €16 billion in 2025, up 9% at constant exchange rates and 5.5% at current exchange rates compared to 2024. Recurring operating income amounted to €6.6 billion (41% of sales), up 7%. Net profit (group share) reached €4.5 billion, up 5.5%, excluding the exceptional contribution on the profits of large companies in France, at the same pace as sales.
In the fourth quarter, sales reached €4.1 billion, increasing by 10% at constant exchange rates, as in the previous quarter. Sales growth was solid across all the geographical areas against a particularly high comparison basis. Europe, Japan, the Americas and the Middle East recorded double-digit growth.
Axel Dumas, Executive Chairman of Hermès, said: “The Hermès model based on an exclusive and qualitative network, as well as strong vertical integration, has once again proven successful. This distinctive strategy has enabled the house to achieve robust revenue growth and strong performance. I warmly thank the Hermès teams who share our commitment to uncompromising quality as well as our customers for their loyalty. In an uncertain environment, Hermès is moving into 2026 with confidence, underpinned by its creativity and exceptional savoir-faire.”
Sales by geographical area at the end of December
(at constant exchange rates unless otherwise indicated)
At the end of December 2025, all the geographical areas posted strong growth. The distribution network continued its qualitative expansion, with store openings and extensions.
- Asia excluding Japan (+5%) delivered a solid performance across all countries in the region, all of which experienced growth. The fourth quarter grew by 8%. In June, the Four Seasons Macao store reopened after renovation and extension work. In Korea, two reopenings took place in Seoul with the Galleria store in August and the Shinsegae store in October. In Thailand, the IconSiam store in Bangkok reopened at the end of November after renovation and expansion. Finally, in China, the expanded Changsha IFS store reopened in December.
- Japan (+14%) continued its strong momentum, driven by the loyalty of local clients and its exclusive distribution network. The traveling event Mystery at the Grooms’, an immersive experience around Hermès objects, was staged in Tokyo in November.
- The Americas (+12%) completed an excellent year. The new stores in Scottsdale, Arizona, and Nashville, Tennessee, were inaugurated in September and October respectively. In Mexico City, the Molière store reopened in early October after being renovated. In Canada, an event showcasing the creations of petit h was staged at the Vancouver store in November.
- Europe excluding France (+11%) and France (+9%) posted solid growth, supported by the loyalty of local customers and dynamic tourist flows. The Florence store in Italy, renovated and expanded, reopened in February, followed by the reopening of the Knokke store in Belgium in November.
- The Other area (+15%), which mainly includes the Middle East, recorded strong growth, particularly in the United Arab Emirates.
Sales by sector at the end of December
(at constant exchange rates unless otherwise indicated)
At the end of December 2025, all the métiers posted growth, with the exception of the Perfume & Beauty and Watches métiers.
- Leather Goods and Saddlery (+13%) continued to post sustained growth, in line with its annual objective, driven by the strong desirability of the collections and the increase in production capacities. The collections have been enriched with new models, including the So Médor, Seau Mousqueton and Haut à Courroies à relier. The house’s twenty-fourth leather goods workshop was inaugurated in September in L’Isle-d’Espagnac in Charente. Production capacities continue to expand, with the planned workshop openings of Loupes (Gironde) in 2026, Charleville-Mézières (Ardennes) in 2027, and Colombelles (Calvados) in 2028. The house also announced at the end of January the opening of a new site in
Les Andelys (Eure) by 2030. Hermès thus continues to reinforce its presence in France. - The Ready-to-wear and Accessories sector (+6%) confirmed its strong momentum. The men’s and women’s spring-summer 2026 ready-to-wear collections, presented at the Palais d’Iéna in June and at the Garde Républicaine in early October respectively, were very well received. The latest fall-winter 2026 men’s collection by Véronique Nichanian, Artistic Director of Hermès Men’s Universe for
37 years, was met with emotion in late January 2026 at the Palais Brongniart. - The Silk and Textiles sector (+5%) recorded growth with a solid fourth quarter, supported by exceptional materials and the strong momentum of formats and colors.
- Perfume and Beauty (-8%) is to be compared against a demanding 2024 base, marked by the launch of the new women’s perfume Barénia. The Perfume collections have been enhanced with two new Eaux de parfum intenses: Terre d’Hermès early in the year and then Barénia in the second half. The Hermès Beauty line welcomed the new lipstick, Rouge Brillant Silky.
- After a challenging first half, the Watches métier (-2%) returned to growth in the second half. The métier continued its development, driven in particular by the success of the new versions of the H08 line and the reinterpretation of its emblematic complication, Le temps suspendu. In July, Hermès also announced the strengthening of its production capacities with the planned expansion of its Noirmont watchmaking site in Switzerland, by 2028.
- The other Hermès sectors (+11%), which include Jewellery and the Home universe, continued to deliver solid growth. The Adage jewellery line has been enriched with exceptional new pieces, while the eighth Haute Bijouterie collection, Les formes de la couleur, was presented in Tokyo in July, after Singapore in April. At the end of May, Hermès also announced the laying of the first stone for the new Couzeix (Haute-Vienne) workshop, its second site dedicated to Tableware.
Solid results and strong cash generation
Recurring operating income amounted to €6.6 billion, up by 7% from €6.2 billion in 2024. Despite the negative impact of currency effects, recurring operating profitability improved and reached 41%, compared to 40.5% in 2024.
Consolidated net profit (group share), which includes the exceptional contribution on the profits of large companies in France, amounted to €4.5 billion, compared to €4.6 billion in 2024. Adjusted for this exceptional contribution, consolidated net profit (group share) amounted to €4.86 billion, up by 5.5%, at the same pace as sales growth.
Cash flow from operating activities reached €5.4 billion, up 5%. Excluding the exceptional contribution on profits, it increased by 11%. After operational investments (€1.2 billion) and repayment of lease liabilities (€0.3 billion), the adjusted free cash flow reached €3.9 billion.
After distribution of dividends of €2.8 billion, the restated net cash position amounted to €12.8 billion at the end of December 2025, compared to €12.0 billion at the end of December 2024.
A responsible, sustainable model
Hermès continues to create employment and increased its workforce by more than 1,300 people, including 800 in France. At the end of 2025, the group employed 26,494 people, including 16,349 in France. Over the past three years, Hermès has created nearly 6,200 jobs, including more than 3,500 in France.
True to its willingness to share the fruits of growth, Hermès announced a €120 gross monthly increase for all employees in France, in addition to individual raises. In addition, the house will be giving out a bonus of €3,000 in March to all its employees worldwide in respect of 2025. Committed to excellence in craftsmanship and its transmission, the group has opened two new Hermès École des savoir-faire schools in France, bringing the total number of training facilities to twelve.
Hermès has continued its action for the climate in line with the goals defined for 2030 and validated by the Science Based Target initiative (SBTi). Since 2018, scopes 1 and 2 have seen a 69% reduction in absolute value, while scope 3 has decreased by 58% in intensity1.
The house’s environmental approach is reflected in the implementation of Hermès’ particularly demanding responsible real-estate standard, which brings together best practices from across the market: a distinctive and demanding methodology designed to reconcile environmental, social and local anchoring performance.
The sustainable and responsible dimension of the Hermès artisanal model was recognised in its Sustainalytics rating, rewarded in July with the CAC 60 Large-Cap Grand Prix at the Transparency Awards, and through the house’s inclusion, for the fourth consecutive year, in the CDP “A List”. These results bear witness to Hermès’ strong commitments and values.
Proposed dividend
At the General Meeting to be held on 17 April 2026, a dividend of €18.00 per share will be proposed. The €5.00 interim dividend, to be paid on 18 February 2026, will be deducted from the dividend approved by the General Meeting.
Other highlights
At the end of December 2025, currency fluctuations represented a significant negative impact of €515 million on revenue.
Hermès International did not redeem any shares, except for 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 still uncertain economic and geopolitical context, the group has moved into 2026 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.
The theme of the year for 2026, Venture beyond, is an invitation to discover new horizons and renew our curiosity, constantly.
The press release and the presentation of the 2025 results are available on the group’s website:
At the Supervisory Board meeting on 11 February 2026, Executive Management presented the audited financial statements for 2025. The audit procedures have been completed and the audit report is under preparation.
The procedures for the verification of sustainability information are underway.
The complete consolidated financial statements will be available by 31 March 2026 at the following address and on the AMF website:
Upcoming events:
- 15 April 2026: Q1 2026 revenue publication
- 17 April 2026: General Meeting of shareholders
- 29 July 2026: Publication of H1 2026 results
2025 KEY FIGURES
| In millions of euros | 2025 | 2024 |
| Revenue | 16,002 | 15,170 |
| Growth at current exchange rates vs. n-1 | 5.5% | 13.0% |
| Growth at constant exchange rates vs. n-1 (1) | 8.9% | 14.7% |
| Recurring operating income (2) | 6,569 | 6,150 |
| As a % of revenue | 41.0% | 40.5% |
| Operating income | 6,569 | 6,150 |
| As a % of revenue | 41.0% | 40.5% |
| Net profit – Group share | 4,524 | 4,603 |
| As a % of revenue * | 28.3% | 30.3% |
| Operating cash flows | 5,607 | 5,378 |
| Operating Investments | 1,161 | 1,067 |
| Adjusted free cash flows (3) | 3,880 | 3,767 |
| Equity – Group share | 18,840 | 17,327 |
| Net cash position (4) | 12,239 | 11,642 |
| Restated net cash position (5) | 12,773 | 12,039 |
| Workforce (number of employees) (6) | 26,494 | 25,185 |
(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.
* 30.3% in 2025 after restatement of the exceptional contribution on the profits of large companies in France.
REVENUE BY GEOGRAPHICAL AREA (1)
| As of Dec. 31st, | Evolution /2024 | ||||
| In millions of Euros | 2025 | 2024 | Published | At constant exchange rates | |
| France | 1,575 | 1,447 | 8.9% | 8.9% | |
| Europe (excl. France) | 2,362 | 2,147 | 10.0% | 11.3% | |
| Total Europe | 3,937 | 3,594 | 9.6% | 10.4% | |
| Japan | 1,591 | 1,437 | 10.7% | 14.1% | |
| Asia-Pacific (excl. Japan) | 6,702 | 6,648 | 0.8% | 4.9% | |
| Total Asia | 8,293 | 8,085 | 2.6% | 6.5% | |
| Americas | 3,075 | 2,865 | 7.3% | 12.4% | |
| Other (Middle East) | 697 | 627 | 11.2% | 14.9% | |
| TOTAL | 16,002 | 15,170 | 5.5% | 8.9% | |
| 4th quarter | Evolution /2024 | ||||
| In millions of Euros | 2025 | 2024 | Published | At constant exchange rates | |
| France | 432 | 401 | 7.8% | 7.8% | |
| Europe (excl. France) | 641 | 593 | 8.1% | 10.6% | |
| Total Europe | 1,073 | 994 | 8.0% | 9.5% | |
| Japan | 387 | 384 | 0.8% | 11.2% | |
| Asia-Pacific (excl. Japan) | 1,539 | 1,543 | (0.3%) | 8.0% | |
| Total Asia | 1,926 | 1,927 | (0.1%) | 8.6% | |
| Americas | 906 | 870 | 4.1% | 12.1% | |
| Other (Middle East) | 182 | 171 | 6.4% | 13.5% | |
| TOTAL | 4,087 | 3,962 | 3.1% | 9.8% | |
(1) Sales by destination.
revenue by sector
| As of Dec. 31st | Evolution /2024 | ||||
| In millions of Euros | 2025 | 2024 | Published | At constant exchange rates | |
| Leather Goods and Saddlery (1) | 7,070 | 6,457 | 9.5% | 13.1% | |
| Ready-to-wear and Accessories (2) | 4,525 | 4,405 | 2.7% | 6.1% | |
| Silk and Textiles | 964 | 950 | 1.5% | 4.7% | |
| Other Hermès sectors (3) | 2,055 | 1,909 | 7.7% | 11.2% | |
| Perfume and Beauty | 489 | 535 | (8.6%) | (7.6%) | |
| Watches | 549 | 577 | (4.7%) | (1.5%) | |
| Other products (4) | 349 | 337 | 3.4% | 5.5% | |
| TOTAL | 16,002 | 15,170 | 5.5% | 8.9% | |
| 4th quarter | Evolution /2024 | ||||
| In millions of Euros | 2025 | 2024 | Published | At constant exchange rates | |
| Leather Goods and Saddlery (1) | 1,792 | 1,669 | 7.4% | 14.6% | |
| Ready-to-wear and Accessories (2) | 1,113 | 1,108 | 0.4% | 7.1% | |
| Silk and Textiles | 308 | 304 | 1.3% | 7.1% | |
| Other Hermès sectors (3) | 516 | 488 | 5.7% | 12.9% | |
| Perfume and Beauty | 122 | 147 | (16.6%) | (14.6%) | |
| Watches | 138 | 143 | (3.5%) | 3.2% | |
| Other products (4) | 98 | 104 | (5.6%) | (1.7%) | |
| TOTAL | 4,087 | 3,962 | 3.1% | 9.8% | |
(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 shoes.
(3) The “Other Hermès sectors” 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.
2025 quarterly revenue
| Q1 | Q2 | Q3 | Q4 | 2025 | ||
| Revenue (in €m) | 4,129 | 3,905 | 3,881 | 4,087 | 16,002 | |
| Growth at current exchange rates | 8.5% | 5.6% | 4.8% | 3.1% | 5.5% | |
| Growth at constant exchange rates | 7.2% | 9.0% | 9.6% | 9.8% | 8.9% |
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Extra-financial performances
| RESPONSIBLE EMPLOYER +1,300 jobs created including +800 in France | DIVERSITY AND INCLUSION 7.90% direct disability employment rate in France | GENDER EQUALITY 49% of women in the top 100 |
| VERTICAL INTEGRATION 55% manufactured in its in-house and exclusive workshops | VALUE SHARING €328M of which €243M in incentive schemes and profit-sharing in France and €85M of worldwide bonus | LOCAL PRODUCTION 75% objects made in France |
| CLIMATE Scopes 1 & 2 (SBTi) -69% emissions reduction in absolute value vs 2018 SCOPE 3 (SBTi) -58% emissions reduction in intensity vs 2018 | RESOURCE PRESERVATION 20 Sites certified under the internal real estate standard “Harmonie” | WATER WITHDRAWAL -64% Industrial water intensity over 10 years |
APPENDIX – EXTRACT FROM CONSOLIDATED ACCOUNTS
Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2026 on the website , together with the other chapters of the Annual Financial Report.
CONSOLIDATED INCOME STATEMENT
| In millions of euros | 2025 | 2024 |
| Revenue | 16,002 | 15,170 |
| Cost of sales | (4,623) | (4,511) |
| Gross margin | 11,379 | 10,660 |
| Sales and administrative expenses | (3,704) | (3,569) |
| Other income and expenses | (1,106) | (942) |
| Recurring operating income | 6,569 | 6,150 |
| Other non-recurring income and expenses | - | - |
| Operating income | 6,569 | 6,150 |
| Net financial income | 207 | 283 |
| Net income before tax | 6,775 | 6,432 |
| Income tax | (2,263) | (1,845) |
| Net income from associates | 47 | 44 |
| CONSOLIDATED NET INCOME | 4,560 | 4,631 |
| Non-controlling interests | (36) | (28) |
| NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT | 4,524 | 4,603 |
| Basic earnings per share (in euros) | 43.15 | 43.93 |
| Diluted earnings per share (in euros) | 43.07 | 43.87 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| In millions of euros | 2025 | 2024 | |
| Consolidated net income | 4,560 | 4,631 | |
| Changes in foreign currency adjustments | (523) | 168 | |
| Hedges of future cash flows in foreign currencies 1 | 174 | (111) | |
| Items recyclable through profit or loss | (348) | 57 | |
| Assets at fair value 1 | (25) | 30 | |
| Actuarial gains and losses 1 | 9 | (18) | |
| Items not recyclable through profit or loss | (16) | 12 | |
| Other comprehensive income | (365) | 69 | |
| NET COMPREHENSIVE INCOME | 4,195 | 4,700 | |
| 4,157 | 4,670 | |
| 38 | 29 | |
| (1) Net of tax. | |||
CONSOLIDATED BALANCE SHEET
ASSETS
| In millions of euros | 31/12/2025 | 31/12/2024 |
| Goodwill | 180 | 228 |
| Intangible assets | 231 | 237 |
| Right-of-use assets | 2,002 | 1,786 |
| Property, plant and equipment | 3,486 | 2,980 |
| Financial assets | 1,196 | 1,050 |
| Investments in associates | 227 | 238 |
| Deferred tax assets | 914 | 929 |
| Other non-current assets | 176 | 159 |
| Non-current assets | 8,412 | 7,608 |
| Inventories and work-in-progress | 2,575 | 2,797 |
| Trade and other receivables | 418 | 478 |
| Current tax receivables | 45 | 28 |
| Other current assets | 370 | 398 |
| Financial derivatives | 262 | 132 |
| Cash and cash equivalents | 12,239 | 11,642 |
| Current assets | 15,911 | 15,476 |
| TOTAL ASSETS | 24,322 | 23,084 |
LIABILITIES
| In millions of euros | 31/12/2025 | 31/12/2024 |
| Share capital | 54 | 54 |
| Share premium | 50 | 50 |
| Treasury shares | (677) | (670) |
| Reserves | 14,443 | 12,464 |
| Foreign currency adjustments | (173) | 355 |
| Revaluation adjustments | 621 | 471 |
| Net income attributable to owners of the parent | 4,524 | 4,603 |
| Equity attributable to owners of the parent | 18,840 | 17,327 |
| Non-controlling interests | 6 | 7 |
| Equity | 18,846 | 17,334 |
| Borrowings and financial liabilities due in more than one year | 34 | 61 |
| Lease liabilities due in more than one year | 1,987 | 1,781 |
| Non-current provisions | 38 | 33 |
| Post-employment and other employee benefit obligations due in more than one year | 146 | 173 |
| Deferred tax liabilities | 14 | 5 |
| Other non-current liabilities | 72 | 69 |
| Non-current liabilities | 2,291 | 2,120 |
| Borrowings and financial liabilities due in less than one year | 0 | 0 |
| Lease liabilities due in less than one year | 325 | 332 |
| Current provisions | 122 | 96 |
| Post-employment and other employee benefit obligations due in less than one year | 19 | 16 |
| Trade and other payables | 792 | 832 |
| Financial derivatives | 61 | 161 |
| Current tax liabilities | 452 | 773 |
| Other current liabilities | 1,414 | 1,419 |
| Current liabilities | 3,186 | 3,629 |
| TOTAL EQUITY AND LIABILITIES | 24,322 | 23,084 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| In millions of euros | Number of shares | Share capital | Share premium | Treasury shares | Consolidated reserves and net income attributable to owners of the parent | Actuarial gains and losses | Foreign currency adjustments | Revaluation adjustments | ||||
| Financial investments | Hedges of future cash flows in foreign currencies | Equity attributable to owners of the parent | Non-controlling interests | Equity | ||||||||
| As at 1 January 2024 | 105,569,412 | 54 | 50 | (698) | 15,130 | (75) | 189 | 521 | 32 | 15,201 | 2 | 15,203 |
| Net income | - | - | - | - | 4,603 | - | - | - | - | 4,603 | 28 | 4,631 |
| Other comprehensive income | - | - | - | - | - | (18) | 166 | 30 | (111) | 67 | 2 | 69 |
| Comprehensive income | - | - | - | - | 4,603 | (18) | 166 | 30 | (111) | 4,670 | 29 | 4,700 |
| Change in share capital and share premiums | - | - | - | - | - | - | - | - | - | - | - | - |
| Purchase or sale of treasury shares | - | - | - | 28 | (64) | - | - | - | - | (36) | - | (36) |
| Share-based payments | - | - | - | - | 142 | - | - | - | - | 142 | - | 142 |
| Dividends paid | - | - | - | - | (2,642) | - | - | - | - | (2,642) | (63) | (2,705) |
| Other | - | - | - | - | (7) | (2) | - | - | - | (9) | 39 | 30 |
| As at 31 December 2024 | 105,569,412 | 54 | 50 | (670) | 17,163 | (95) | 355 | 551 | (80) | 17,327 | 7 | 17,334 |
| Net income | - | - | - | - | 4,524 | - | - | - | - | 4,524 | 36 | 4,560 |
| Other comprehensive income | - | - | - | - | - | 9 | (525) | (25) | 174 | (367) | 2 | (365) |
| Comprehensive income | - | - | - | - | 4,524 | 9 | (525) | (25) | 174 | 4,157 | 38 | 4,195 |
| Change in share capital and share premiums | - | - | - | - | - | - | - | - | - | - | - | - |
| Purchase or sale of treasury shares | - | - | - | (7) | (2) | - | - | - | - | (9) | - | (9) |
| Share-based payments | - | - | - | - | 132 | - | - | - | - | 132 | - | 132 |
| Dividends paid | - | - | - | - | (2,753) | - | - | - | - | (2,753) | (43) | (2,796) |
| Other | - | - | - | - | (12) | - | (3) | - | - | (15) | 4 | (11) |
| AS AT 31 DECEMBER 2025 | 105,569,412 | 54 | 50 | (677) | 19,054 | (87) | (173) | 526 | 95 | 18,840 | 6 | 18,846 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| In millions of euros | 2025 | 2024 |
| Net income attributable to owners of the parent | 4,524 | 4,603 |
| Depreciation and amortisation of fixed assets, right-of-use assets and impairment losses | 926 | 844 |
| Foreign exchange gains/(losses) on fair value adjustments | 79 | (56) |
| Change in provisions | 27 | (29) |
| Net income from associates | (47) | (44) |
| Net income attributable to non-controlling interests | 36 | 28 |
| Capital gains or losses on disposals and impact of changes in scope of consolidation | 3 | (2) |
| Change in deferred tax | (45) | (93) |
| Accrued expenses and income related to share-based payments | 132 | 142 |
| Dividend income | (27) | (16) |
| Other | (1) | 0 |
| Operating cash flows | 5,607 | 5,378 |
| Change in working capital requirements | (233) | (239) |
| CASH FLOWS RELATED TO OPERATING ACTIVITIES (A) | 5,374 | 5,139 |
| Operating investments | (1,161) | (1,067) |
| Acquisitions of consolidated shares | (60) | (229) |
| Acquisitions of other financial assets | (180) | (27) |
| Disposals of operating assets | 1 | 1 |
| Disposals of consolidated shares and impact of losses of control | - | - |
| Disposals of other financial assets | 9 | 145 |
| Change in payables and receivables related to investing activities | 39 | (49) |
| Dividends received | 75 | 30 |
| CASH FLOWS RELATED TO INVESTING ACTIVITIES (B) | (1,276) | (1,195) |
| Dividends paid | (2,796) | (2,705) |
| Repayment of lease liabilities | (332) | (305) |
| Treasury share buybacks net of disposals | (8) | (37) |
| Borrowing subscriptions | 8 | - |
| Repayment of borrowings | (9) | (1) |
| Other | 1 | 2 |
| CASH FLOWS RELATED TO FINANCING ACTIVITIES (C) | (3,136) | (3,046) |
| Foreign currency translation adjustment (D) | (364) | 119 |
| CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D) | 597 | 1,017 |
| Net cash position at the beginning of the period | 11,642 | 10,625 |
| Net cash position at the end of the period | 12,239 | 11,642 |
REMINDER – FIRST HALF 2025 KEY FIGURES
| In millions of euros | H1 2025 | H1 2024 |
| Revenue | 8,034 | 7,504 |
| Growth at current exchange rates vs. n-1 | 7.1% | 12.0% |
| Growth at constant exchange rates vs. n-1 (1) | 8.1% | 15.1% |
| Recurring operating income (2) | 3,327 | 3,148 |
| As a % of revenue | 41.4% | 42.0% |
| Operating income | 3,327 | 3,148 |
| As a % of revenue | 41.4% | 42.0% |
| Net profit – Group share | 2,246 | 2,368 |
| As a % of revenue * | 28.0% | 31.6% |
| Operating cash flows | 2,733 | 2,829 |
| Operating investments | 316 | 319 |
| Adjusted free cash flows (3) | 1,847 | 1,776 |
| Equity – Group share | 16,602 | 15,052 |
| Net cash position (4) | 10,319 | 9,477 |
| Restated net cash position (5) | 10,723 | 10,033 |
| Workforce (number of employees) (6) | 25,697 | 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.
1 In economic intensity, as a percentage of gross margin
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