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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.
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.
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:
FIRST HALF 2025 KEY FIGURES
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.
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.
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).
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.
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.
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
Sales by destination.
REVENUE BY SECTOR
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.
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.
The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
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 – 1 QUARTER 2025
REVENUE BY GEOGRAPHICAL ZONE
Sales by destination.
REVENUE BY SECTOR
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.
The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
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.
APPENDIX – EXTRACT FROM FIRST HALF CONSOLIDATED ACCOUNTS
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED BALANCE SHEET
ASSETS
LIABILITIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
Attachment
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