30 AVENUE M O N TA I G N E
75008 PA RI S


Solid results in the first half of 2025
despite the prevailing environment
. Revenue: €40 billion
. Profit from recurring operations: €9 billion
. Free cash flow: €4 billion

Paris, July 24, 2025


The Christian Dior Group recorded revenue of €39.8 billion in the first half of 2025. The Group
showed good resilience and maintained its powerful innovative momentum despite a disrupted
geopolitical and economic environment.
Local demand was solid in Europe, which achieved growth on a constant consolidation scope and
currency basis over the half-year period, and in the United States, which remained stable. Japan was
down with respect to the first half of 2024, which had been boosted by abnormal growth in tourist
spending due to the much weaker yen. The rest of Asia saw trends comparable to 2024, although there
was an improvement in sales to local customers in the second quarter.

Profit from recurring operations for the first half of 2025 came to €9 billion, equating to an operating
margin of 22.6%. Net profit amounted to €5.9 billion and the Group share of net profit amounted to
€2.4 billion.


Highlights of the first half of 2025 included the following:

• Solidity for Christian Dior in a challenging environment
• Solid local demand in Europe and the United States
• Japan down with respect to a very strong first half in 2024 driven by tourist spending
• Improved trends for champagne in the second quarter and ongoing weak demand for cognac
• Resilient local demand for Fashion & Leather Goods, which maintained a very high operating
margin
• Remarkable innovation and ongoing selective retail approach for Perfumes & Cosmetics
• Success of the Watches & Jewelry Maisons’ iconic lines and Tiffany & Co.’s renovated stores
• Good performance by Sephora, which continued to achieve growth in both revenue and profit
• Significant increase in operating free cash flow to €4 billion




1/10
Financial highlights


First-half First-half
In millions of euros % Change
2024 2025

Revenue 41 677 39 810 -4%
Profit from recurring operations 10 649 9 008 -15%
Net profit, Group share 3 023 2 371 -22%
Operating free cash flow 3 128 4 029 +29%
Net financial debt 12 076 10 018 -17%
Equity 63 957 64 418 +1%

Revenue by business group changed as follows:

First-half First-half % Change
In millions of euros
2024 2025 Reported Organic*

Wines & Spirits 2 807 2 588 -8% -7%
Fashion & Leather Goods 20 771 19 115 -8% -7%
Perfumes & Cosmetics 4 136 4 082 -1% 0%
Watches & Jewelry 5 150 5 090 -1% 0%
Selective Retailing 8 632 8 620 0% +2%
Other activities and
181 315 - -
eliminations
Total 41 677 39 810 -4% -3%
* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to the
first half of 2024 was negligible and the impact of exchange rate fluctuations was -1%.

Profit from recurring operations by business group changed as follows:
First-half First-half
In millions of euros % Change
2024 2025

Wines & Spirits 777 524 -33%
Fashion & Leather Goods 8 058 6 636 -18%
Perfumes & Cosmetics 445 425 -4%
Watches & Jewelry 877 762 -13%
Selective Retailing 785 876 +12%
Other activities and eliminations (293) (215) -
Total 10 649 9 008 -15%




2/10
Wines & Spirits: Improved trends for champagne; weak demand for cognac

The Wines & Spirits business group saw its revenue and operating profit decline in the first half of
2025. The first half of 2025 saw trends similar to those observed in 2024, largely due to the impact on
customers of trade tensions weighing on the key markets of the United States and China. In this
context, the Wines & Spirits business group was down during the period, with a sequential
improvement in champagne and a good performance in Provence rosé wines. To sustain demand and
strengthen their desirability, the Maisons launched large-scale initiatives in the first half of the year
while working to keep their costs under control.

Fashion & Leather Goods: Good resilience with local customers

The Fashion & Leather Goods business group saw its revenue and profit decline in the first half of
2025, nevertheless showing good resilience with local customers, whereas the first half of 2024 had
been boosted by strong growth in tourist spending, particularly in Japan. The operating margin
remained at a very high level. Louis Vuitton continued to demonstrate powerful creativity through its
continuously reinvented iconic products and unique experiences offered by its “Maisons”. A prime
example was “The Louis”, a museum-like space in the form of a cruise ship located in the heart of
Shanghai, epitomizing the “spirit of travel” that has driven the Maison since its founding in 1854 by
Louis Vuitton himself. It was also reflected by Nicolas Ghesquière’s latest show at the Palais des
Papes in Avignon, and Pharrell Williams’ show held in Paris. Christian Dior Couture appointed
Jonathan Anderson as the new Creative Director of Haute Couture, Men’s and Women’s collections of
clothing and accessories. His first Men’s collection, unveiled in June at the Hôtel des Invalides in
Paris, was an immense success. Victoire de Castellane presented her Diorexquis high jewelry
collection, an ode to Monsieur Dior’s love of nature. Loro Piana celebrated its 100th anniversary with
its first-ever exhibition at the Museum of Art in Shanghai. The Resort 2025 line and the Maison’s
Icons delivered a remarkable performance. Fendi kicked off its centennial celebration in Milan with a
coed runway show led by Silvia Fendi at the Maison’s new “Solari” location. Celine presented
Michael Rider’s first collection, while Givenchy unveiled the first collection designed by Sarah
Burton. Both collections were particularly well received. At Loewe, Jack McCollough and Lazaro
Hernandez were announced as the Maison’s new Creative Directors.

Perfumes & Cosmetics: Remarkable innovation and selective retail approach

The Perfumes & Cosmetics business group remained stable in the first half of 2025, maintaining its
robust innovation policy and highly selective retail approach. Parfums Christian Dior developed its
iconic fragrances, with Sauvage, which remained the world’s best-selling fragrance, J’adore Eau de
Parfum and the launch of Dior Homme, as well as the addition in high perfumery of the new Bois
Talisman scent to La Collection Privée. Successful innovations in makeup (within Forever and Dior
Addict) and skincare contributed to the Maison’s solid performance. Guerlain was buoyed by the latest
additions to its Aqua Allegoria and L’Art & La Matière fragrance lines, as well as the global relaunch
of its Abeille Royale skincare serum. Parfums Givenchy benefited from the development of L’Interdit
and the success of Prisme Libre in makeup. Maison Francis Kurkdjian unveiled Kurky, a new
fragrance.




3/10
Watches & Jewelry: Sustained innovation in jewelry and watches; ongoing renovation of
Tiffany & Co. stores

The Watches & Jewelry business group remained stable in the first half of 2025. The decline in profit
from recurring operations arose from ongoing investments in store renovations and communications.
Tiffany & Co. continued the successful expansion of its iconic lines and the global rollout of its new
store concept inspired by The Landmark in New York. Bvlgari showcased the emblematic Serpenti
through immersive art exhibitions in Shanghai and Seoul, kicking off celebrations of the Year of the
Snake. The new Polychroma high jewelry collection was unveiled in Taormina. Chaumet continued to
actively develop its emblematic Bee de Chaumet jewelry line. In watches, TAG Heuer implemented
the partnership signed in 2024 with Formula 1, particularly at the Monaco Grand Prix, where the
Maison became the event’s first partner. Hublot celebrated the 20th anniversary of its Big Bang
collection and Zenith celebrated its 160th anniversary.

Selective Retailing: Further growth achieved by Sephora; improved profitability for DFS

The Selective Retailing business group saw growth in its revenue and profit. Against a particularly
high basis of comparison, Sephora continued to achieve revenue growth, drawing on its robust strategy
and consolidating its global leadership position. The Maison saw further market share gains in many
countries and continued to grow its community of loyal customers through its product differentiation
strategy and innovation to enhance the omnichannel experience. At DFS, measures to reduce costs and
streamline operations – including the closure of the Galleria in Venice – helped improve profitability,
despite business activity still being held back by prevailing international conditions. Le Bon Marché
once again posted revenue growth, driven by the department store’s differentiation strategy focused on
a continuously renewed selection of products and a unique array of cultural events. The Group
strengthened the organization of its department stores by implementing a shared governance structure
for La Samaritaine and Le Bon Marché.

Outlook for 2025

In an uncertain geopolitical and economic environment, the Group remains confident and will
maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the
exceptional quality of its products and excellence in retail.
Our strategy of focusing on the highest quality across all of our activities, combined with the energy
and unparalleled creativity of our teams, will enable us to reinforce the Christian Dior group’s global
leadership position in luxury goods once again in 2025.

An interim dividend of €6.05 will be paid on Thursday, December 4, 2025, enabling Christian Dior to
distribute a larger portion of the dividend received from LVMH.



This press release is available at www.dior-finance.com.
Limited review procedures have been carried out and the related report is in the process of being
issued.

“This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these
forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular
those described in Christian Dior’s Annual report which is available on the website (www.diorfinance.com). These forward looking
statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or
implied by them. The forward looking statements only reflect Company’s views as of the date of this document, and Christian Dior does not
undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and
circumspection and in no event can the Company and its Management be held responsible for any investment or other decision based upon
such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in Christian Dior or an
invitation or inducement to engage in any other investment activities.”

4/10
APPENDIX
The condensed consolidated financial statements for the first half of 2025 are included in the
PDF version of the press release.

Christian Dior - Revenue by business group and by quarter

Revenue for 2025 (in millions of euros)
Wines & Fashion & Perfumes & Watches & Selective Other activities
Full-year 2025 Total
Spirits Leather Goods Cosmetics Jewelry Retailing and eliminations
First quarter 1 305 10 108 2 178 2 482 4 189 49 20 311
Second quarter 1 283 9 006 1 904 2 608 4 431 267 19 499
First half 2 588 19 115 4 082 5 090 8 620 315 39 810




Revenue for 2025 (organic growth versus same period in 2024)
Wines & Fashion & Perfumes & Watches & Selective Other activities
Full-year 2025 Total
Spirits Leather Goods Cosmetics Jewelry Retailing and eliminations
First quarter -9% -5% -1% 0% -1% - -3%
Second quarter -4% -9% +1% 0% +4% - -4%
-
First half -7% 0% 0% +2% - -3%
7%

Revenue for 2024 (in millions of euros)
Wines & Fashion & Perfumes & Watches & Selective Other activities
Full-year 2024 Total
Spirits Leather Goods Cosmetics Jewelry Retailing and eliminations
First quarter 1 417 10 490 2 182 2 466 4 175 (36) 20 694
Second quarter 1 391 10 281 1 953 2 685 4 457 216 20 983
First half 2 807 20 771 4 136 5 150 8 632 181 41 677




Alternative performance measures

For the purposes of its financial communications, in addition to the accounting aggregates defined by
IAS/IFRS, the Christian Dior group uses alternative performance measures established in accordance
with AMF position DOC-2015-12.
The table below lists these performance measures and the reference to their definition and their
reconciliation with the aggregates defined by IAS/IFRS in the published documents.

Performance measures Reference to published documents
Operating free cash flow AR (consolidated financial statements, consolidated cash flow
statement)
Net financial debt AR (Notes 1.22 and 19 to the consolidated financial statements)
Gearing AR (“Comments on the consolidated balance sheet”, page 297)
Organic growth AR (“Comments on the consolidated income statement”, page 295)
AR: Annual Report - December 31, 2024



5/10
1. Consolidated income statement

(EUR millions, except for earnings per share) June 30, 2025 Dec. 31, 2024 June 30, 2024

Revenue 39,810 84,683 41,677
Cost of sales (13,200) (27,918) (12,984)
Gross margin 26,611 56,765 28,693
Marketing and selling expenses (14,732) (31,000) (14,998)
General and administrative expenses (2,893) (6,228) (3,039)
Income/(loss) from joint ventures and associates 23 28 (6)
Profit from recurring operations 9,008 19,565 10,649
Other operating income and expenses (14) (664) (29)
Operating profit 8,994 18,901 10,620
Cost of net financial debt (209) (439) (231)
Interest on lease liabilities (278) (510) (241)
Other financial income and expenses 60 149 221
Net financial income/(expense) (428) (800) (252)
Income taxes (2,682) (5,193) (2,826)
Net profit before minority interests 5,884 12,908 7,543
Minority interests 3,513 7,700 4,520
Net profit, Group share 2,371 5,208 3,023


Basic Group share of net earnings per share (EUR) 13.14 28.87 16.76
Number of shares on which the calculation is based 180,410,580 180,410,580 180,410,580
Diluted Group share of net earnings per share (EUR) 13.13 28.86 16.74
Number of shares on which the calculation is based 180,410,580 180,410,580 180,410,580




This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the
French version, which is the authentic text.


6/10
2. Consolidated statement of comprehensive gains and losses

(EUR millions) June 30, 2025 Dec. 31, 2024 June 30, 2024

Net profit before minority interests 5,884 12,908 7,543

Translation adjustments (3,213) 1,470 502
Amounts transferred to income statement 1 (25) (20)
Tax impact - - -
(3,212) 1,445 482
Change in value of hedges of future foreign currency cash flows 611 11 15
Amounts transferred to income statement (41) (230) (139)
Tax impact (139) 50 28
431 (169) (97)
Change in value of the ineffective portion of hedging
instruments (including cost of hedging) 66 (357) (348)
Amounts transferred to income statement 107 253 283
Tax impact (42) 26 16
131 (78) (50)

Gains and losses recognized in equity, transferable to income statement (2,650) 1,198 336

Change in value of vineyard land (1) 23 -
Amounts transferred to consolidated reserves - - -
Tax impact - (2) -
(1) 21 -
Employee benefit obligations: change in value resulting
from actuarial gains and losses (2) 73 36
Tax impact - (22) (9)
(2) 51 26

Change in value of non‑current available for sale financial assets (67) - -
Tax impact - - -
(67) - -

Gains and losses recognized in equity, not transferable to income statement (69) 72 26

Gains and losses recognized in equity (2,719) 1,270 361

Comprehensive income 3,165 14,178 7,904
Minority interests 1,893 8,469 4,741
Comprehensive income, Group share 1,272 5,709 3,163




This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the
French version, which is the authentic text.


7/10
3. Consolidated balance sheet

Assets

(EUR millions) June 30, 2025 Dec. 31, 2024 June 30, 2024

Brands and other intangible assets 24,180 25,417 25,031
Goodwill 16,835 18,776 19,848
Property, plant and equipment 28,774 29,253 27,902
Right-of-use assets 15,718 16,613 16,054
Investments in joint ventures and associates 1,259 1,343 1,388
Non-current available for sale financial assets 1,640 1,632 1,146
Other non-current assets 1,150 1,106 1,032
Deferred tax 4,092 4,545 4,094
Non-current assets 93,648 98,686 96,494
Inventories and work in progress 23,090 23,669 24,295
Trade accounts receivable 4,257 4,730 4,448
Income taxes 583 986 733
Other current assets 8,856 8,512 8,361
Cash and cash equivalents 8,287 9,760 7,184
Current assets 45,072 47,657 45,021

Total assets 138,720 146,343 141,515


Liabilities and equity

(EUR millions) June 30, 2025 Dec. 31, 2024 June 30, 2024

Equity, Group share 23,583 24,294 23,049
Minority interests 40,835 42,558 40,908
Equity 64,418 66,852 63,957
Long-term borrowings 12,454 12,091 11,555
Non-current lease liabilities 14,128 14,860 14,226
Non-current provisions and other liabilities 3,473 3,820 3,653
Deferred tax 6,778 6,948 6,806
Purchase commitments for minority interests’ shares 7,015 8,056 8,789
Non-current liabilities 43,848 45,775 45,029
Short-term borrowings 9,942 10,866 11,770
Current lease liabilities 2,784 2,972 2,819
Trade accounts payable 7,736 8,630 8,211
Income taxes 1,196 1,234 1,466
Current provisions and other liabilities 8,797 10,014 8,263
Current liabilities 30,454 33,716 32,529

Total liabilities and equity 138,720 146,343 141,515




This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the
French version, which is the authentic text.


8/10
4. Consolidated statement of changes in equity

(EUR millions) Number Share Share Christian Cumulative Revaluation reserves Net profit Total equity
of shares capital premium Dior translation and other
account treasury adjustment Available Hedges of Vineyard Employee reserves Group Minority Total
shares for sale future foreign land benefit share interests
financial currency cash commit­
assets flows and cost ments
of hedging

As of Dec. 31, 2023 180,507,516 361 194 (17) 652 - 28 483 83 19,743 21,527 38,766 60,293

Gains and losses
recognized in equity 569 - (95) 7 20 - 501 769 1,270
Net profit 5,208 5,208 7,700 12,908
Comprehensive
income 569 - (95) 7 20 5,208 5,709 8,469 14,178
Bonus share
plan‑related expenses 78 78 113 191
(Acquisition)/disposal
of Christian Dior shares - - - -
Capital increase
in subsidiaries - - 33 33
Interim and final
dividends paid (2,345) (2,345) (4,327) (6,672)
Changes in control of
consolidated entities - - 111 111
(Acquisition)/
disposal of minority
interests’ shares 2 - - 1 - (483) (480) (217) (697)
Purchase commitments
for minority
interests’ shares (195) (195) (390) (585)
As of Dec. 31, 2024 180,507,516 361 194 (17) 1,223 - (67) 491 103 22,006 24,294 42,558 66,852

Gains and losses
recognized in equity (1,293) (28) 223 - (1) - (1,099) (1,620) (2,719)
Net profit 2,371 2,371 3,513 5,884
Comprehensive
income (1,293) (28) 223 - (1) 2,371 1,272 1,893 3,165
Bonus share
plan‑related expenses 29 29 42 71
(Acquisition)/disposal
of Christian Dior shares - - - - -
Capital increase
in subsidiaries - - 2 2
Interim and final
dividends paid (1,353) (1,353) (2,395) (3,748)
Changes in control of
consolidated entities - - - -
(Acquisition)/
disposal of minority
interests’ shares 10 - (1) 5 1 (703) (689) (1,250) (1,939)
Purchase commitments
for minority
interests’ shares 29 29 (15) 14
As of june 30, 2025 180,507,516 361 194 (17) (60) (28) 155 496 103 22,379 23,583 40,835 64,418

As of Dec. 31, 2023 180,507,516 361 194 (17) 652 - 28 483 83 19,743 21,527 38,766 60,293

Gains and losses
recognized in equity 184 - (56) - 12 - 140 221 361
Net profit 3,023 3,023 4,520 7,543
Comprehensive
income 184 - (56) 12 3,023 3,163 4,741 7,904
Bonus share
plan‑related expenses 28 28 41 69
(Acquisition)/disposal
of Christian Dior shares - - - -
Capital increase
in subsidiaries - - 2 2
Interim and final
dividends paid (1,353) (1,353) (2,575) (3,928)
Changes in control of
consolidated entities - - 50 50
(Acquisition)/
disposal of minority
interests’ shares 1 - - 1 - (297) (294) (121) (415)
Purchase commitments
for minority
interests’ shares (22) (22) 5 (17)
As of june 30, 2024 180,507,516 361 194 (17) 837 - (28) 484 95 21,122 23,049 40,908 63,957



This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the
French version, which is the authentic text.


9/10
5. Consolidated cash flow statement

(EUR millions) June 30, 2025 Dec. 31, 2024 June 30, 2024

I. OPERATING ACTIVITIES
Operating profit 8,994 18,901 10,620
(Income)/loss and dividends received from joint ventures and associates (9) 29 9
Net increase in depreciation, amortization and provisions 1,865 4,567 1,691
Depreciation of right-of-use assets 1,595 3,228 1,549
Other adjustments and computed expenses (163) 488 (79)
Cash from operations before changes in working capital 12,283 27,212 13,790
Cost of net financial debt: interest paid (103) (354) (186)
Lease liabilities: interest paid (269) (483) (230)
Tax paid (2,044) (5,531) (2,581)
Change in working capital (1,989) (1,925) (3,511)
Net cash from/(used in) operating activities 7,878 18,919 7,282
II. INVESTING ACTIVITIES
Operating investments (2,360) (5,531) (2,728)
Purchase and proceeds from sale of consolidated investments 21 (438) (400)
Dividends received 1 9 2
Tax paid related to non-current available for sale financial assets
and consolidated investments - - -
Purchase and proceeds from sale of non-current available for sale financial assets (114) (579) (38)
Net cash from/(used in) investing activities (2,452) (6,539) (3,164)
III. FINANCING ACTIVITIES
Interim and final dividends paid (3,860) (6,982) (4,018)
Purchase and proceeds from sale of minority interests (1,522) (784) (421)
Other equity-related transactions 2 35 2
Proceeds from borrowings 2,319 3,595 3,587
Repayment of borrowings (2,290) (3,676) (2,784)
Repayment of lease liabilities (1,489) (2,915) (1,426)
Purchase and proceeds from sale of current available for sale financial assets 59 (1) -
Net cash from/(used in) financing activities (6,781) (10,728) (5,061)
IV. EFFECT OF EXCHANGE RATE CHANGES (117) 80 18
Net increase (decrease) in cash and cash equivalents (I+II+III+IV) (1,473) 1,734 (924)
Cash and cash equivalents at beginning of period 9,399 7,666 7,666
Cash and cash equivalents at end of period 7,926 9,399 6,742
Total tax paid (2,177) (5,825) (2,720)


Alternative performance measure

The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the
periods presented:

(EUR millions) June 30, 2025 Dec. 31, 2024 June 30, 2024

Net cash from operating activities 7,878 18,919 7,282
Operating investments (2,360) (5,531) (2,728)
Repayment of lease liabilities (1,489) (2,915) (1,426)
Operating free cash flow (a) 4,029 10,473 3,128
(a) Under IFRS 16, fixed lease payments are treated partly as interest payments and partly as principal repayments. For its own operational management purposes, the Group treats all lease
payments as components of its “Operating free cash flow”, whether the lease payments made are fixed or variable. In addition, for its own operational management purposes, the Group
treats operating investments as components of its “Operating free cash flow”.



This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the
French version, which is the authentic text.


10/10