Hermes (RMS FP) FY 2025 (EUR) Revenue 16bln (exp. 16bln), Op. Income 6.56bln (prev. 6.15bln Y/Y); notes that 2026 price increases would be around 5-6%, down from around 6-7% rate in 2025

• Revenue 4.09bln (exp. 4.06bln).
• Revenue +9.8% (exp. +8.2%).

• 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.

• 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%.
• Japan (+14%) continued its strong momentum, driven by the loyalty of local clients and its exclusive distribution network.
• The Americas (+12%) completed an excellent year.
• Europe excluding France (+11%) and France (+9%) posted solid growth, supported by the loyalty of local customers and dynamic tourist flows.

Hermes reported FY 2025 revenue in line with expectations, accompanied by a notable increase in operating income. While the company is targeting moderate price increases in 2026, the strong growth across its regional markets signals robust demand amid economic uncertainties, which could bolster investor confidence.