Hermes (RMS FP) Q1 2026 (EUR) Revenue 4.07bln (exp. 4.15bln), Sales at constant FX +5.6% (exp. +7.44%)

Outlook:

• 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.

Other:

At the end of March 2026, currency fluctuations represented a significant negative impact of EUR 290mln on revenue.    

Commentary:

• "Despite the slowdown in tourist flows linked to the situation in the Middle East, sales in the group’s stores increased by 7%".
• "In a tense geopolitical environment, Hermès maintains its course, true to its long-term strategy. Supported by its abundant creativity, its uncompromising quality and the loyalty of its clients, Hermès is continuing its profitable growth in 2026 with confidence and conviction. The fundamentals of the Hermès model are more than ever a differentiating strength".

By Region:

• Asia excluding Japan (+2% vs exp. +5.8%) recorded growth in the first quarter, driven by the loyalty of local clients and the house’s value strategy.
• Greater China continued its slight growth.
• Japan (+10%) continued to record solid growth.
• Following a strong performance in 2025, the Americas (+17%) delivered an exceptional first quarter, with balanced growth across all métiers in the United States, Canada and South America.
• Europe excluding France (+10%) once again delivered a solid performance, supported by local demand. France (-3%) was affected by a slowdown in tourist flows, particularly in March, linked to the situation in the Middle East.

By Sector:

• Leather Goods and Saddlery (+9%)
• Watches métier (-4%).