1H 2025 - Hermès Int'l - Full Analysis
Weathering the storm, but downplaying expectations for near-term margin expansion
Today, before the opening bell, Hermès reported its 1H 2025 financial results, showing a clear sequential acceleration in growth for its largest segment, Leather Goods & Saddlery, as indicated by the CFO during the Q1 call. Total Group sales growth stood at +7.1%, while it was +8.1% at constant FX.
Let’s break Hermès’ first-half performance down, and shed light on the updated valuation model.
At time of writing, Hermès shares closed the session down 4.5%.
As shared previously, we exited our position at roughly 2,650 EUR late January and switched to Ferrari.
