Richemont (CFR SW) H1 2026 (CHF) Revenue 12.3bln (exp. 12.2bln), Sales at constant FX +17% (exp. 16.2%)

Specialist Watchmakers +10% Y/Y. Op. Profit 3.12bln (prev. 2.35bln Y/Y).

• Sales rose across all distribution channels in the first half.

• In the first half, most Maisons grew, led by Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne whose sales were supported by iconic lines and impactful novelties.
• This performance was achieved against continued soft demand in China.
• Whilst sales were stable in Asia Pacific, they rose by double digits across all other regions, led by strength in the Americas and Japan

A narrow revenue beat with a slightly stronger constant-FX print than consensus is a modest upside skew by Richemont's standards, where the group has tended to beat on the top line through the luxury cycle's soft patch while peers flagged broader demand erosion. The more telling line is the operating profit jump against the prior year, implying margin leverage rather than promotional volume, which in past luxury prints of this kind has mattered more to the share reaction than the headline sales number. The geographical split follows the established pattern for the sector: China weakness is now the baseline assumption rather than the surprise, and outperformance in the Americas and Japan has been the compensating engine across recent reporting seasons, with Japan strength historically tied to tourist flows and currency effects. The Specialist Watchmakers recovery to double-digit growth is the detail to weigh, since that division had been the drag while the jewellery maisons carried the group; a broadening of growth across maisons and channels changes the composition question from concentration risk to sustainability. The follow-ons are the margin bridge on the call, any commentary on China trajectory into the key seasonal period, and read-across to peers yet to report, where Richemont has often set the tone for the European luxury tape.