Hermes (RMS FP) Q3 2026 (EUR): Revenue 4.1bln, +4% at cFX

• Asia ex. Japan +2%.
• Japan +11%.
• The Americas +13%.
• Europe ex. France +9%.
• France +2%.
• Others -4%

• Confirms its ambitious goal for revenue growth at constant exchange rates, despite the economic, geopolitical and monetary uncertainties around the world.

Hermes prints have historically been read against the luxury peer set rather than in isolation, with the stock's premium multiple resting on its habit of outpacing the group through downturns; quarters where its constant-currency growth converges toward the sector rather than leading it have tended to compress that premium more than the absolute number warrants. The regional split here follows a pattern seen in prior soft luxury patches: the Americas holding up as the swing region, Asia ex-Japan decelerating on Chinese demand, and Japan carrying an outsized contribution flattered by tourism flows and prior-year pricing, a mix that shifts the read-through from volume to visitor spending and yen effects. Confirming an ambitious constant-currency growth goal is the house's standard formulation and has been maintained even in weaker cycles, so the guidance language carries less information than the trajectory of the Asia line and any commentary on pricing versus volumes. The tells that have mattered in comparable prints are the leather goods divisional growth, the commentary on Chinese client cohorts, and whether management acknowledges any change in the waitlist dynamic, since Hermes supply discipline has historically been its buffer. Peer names with greater China exposure and thinner pricing power have tended to move more than RMS itself on this kind of release.