• Group sales at € 22.4 billion, up by 11% at constant rates (+5% actual) with continued momentum in Q4 at +13%
• Operating profit at € 4.5 billion including € 164 million of non-recurring costs, with strong top-line growth and cost discipline mitigating the effect of weaker main trading currencies and higher raw material costs
• Continued focus on cultivating Maisons’ long-term potential through sustained investment in craftsmanship, heritage preservation and strategic footprint expansion in distribution and manufacturing

• Sales growth across all business areas, regions and distribution channels at constant rates; sustained double-digit performance at Jewellery Maisons and in the Americas throughout the year
• Operating profit up by 1%, or by 23% at constant exchange rates, resulting in a 20.0% operating margin
  
  • Continued strength at Jewellery Maisons with sales up by 8%, or up by 14% at constant exchange rates, delivering a 30.5% operating margin 
  • Sales at Specialist Watchmakers down by 4%, or up by 1% at constant exchange rates led by a return to growth in the second half; operating margin at 3.4%
  • Resilient top line at the ‘Other’ business area with sales down by 2%, or up by 3% at constant exchange rates; € 96 million operating loss 
• € 3.5 billion profit for the period, up from € 2.8 billion, supported by robust operating profit and non-recurrence of the YNAP write-down in prior year 
• Strong net cash position at € 8.5 billion, underpinned by € 4.9 billion cash flow generated from operating activities 
• Proposed ordinary dividend of CHF 3.30 per 1 ‘A’ share/10 ‘B’ shares, up by 10%, and special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares

Key financial data (audited)

Chairman’s commentary

Overview of results

Richemont delivered a solid performance for the financial year ended 31 March 2026. As we navigated through fast-evolving geopolitical and macroeconomic conditions, the Group maintained its long-term focus, prioritising Maisons’ future growth prospects, whilst exercising discipline on costs and operational execution. Group sales reached € 22.4 billion for the year, an increase of 11% at constant exchange rates (+5% at actual rates) with growth across all business areas, regions and distribution channels. This was underpinned by strong local demand and the benefits of the Group’s diversified regional footprint. These drivers remained evident in the fourth quarter, enabling the Group to maintain its momentum, with sales up by 13% at constant exchange rates.

All regions contributed to growth, led by double-digit performance at constant rates in the Americas throughout the year. Sales in Middle East & Africa were also up by double digits in the year despite the adverse effect of the conflict in the region in March. In Europe and Japan, sales grew by high single digits at constant rates against elevated comparatives in the prior year. Asia Pacific also grew by high single digits, including slight growth in China, Hong Kong and Macau combined, as sales improved from the summer. 

Sales were up across all distribution channels in the year, led by double-digit growth in retail at constant rates. Overall, direct-to-client sales reached 77% of overall Group sales, a slight increase over the prior year.

All the Group’s Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - experienced a strong dynamic fuelled by higher demand across all geographies. Combined sales reached € 16.5 billion, up by 8% or by 14% at constant exchange rates, resulting in further market share gains in both jewellery and watches. As they faced higher costs throughout the year, notably higher gold prices combined with unfavourable currency movements, Jewellery Maisons implemented measured price increases. In parallel, they demonstrated agility in managing their operating costs, all while continuing to build brand desirability and selectively expand their retail footprint. Led by strong top-line momentum, the Jewellery Maisons were therefore able to grow their operating profit to € 5 billion, reaching an operating margin of 30.5%. 

The Group’s Specialist Watchmakers reported sales of € 3.1 billion, down by 4% at actual exchange rates, but up modestly at constant rates, showing some encouraging signs after a challenging 24-month period for the watch market, underpinned by growth outside of China. This stabilisation was led by sequential improvement in the second half, particularly at A. Lange & Söhne, Jaeger-LeCoultre and Vacheron Constantin. The operating result came in at € 107 million, with gross margin impacted by external macroeconomic headwinds, in addition to a deleveraging effect from lower sales on fixed costs, partly offset by solid discipline in operating costs. On 22 January 2026, Richemont and the Damiani Group, a prestigious, family-run Italian global luxury group, announced that we had signed an agreement for the Damiani Group to acquire full ownership of specialist watchmaker Baume & Mercier from Richemont in a private transaction. Together with the Damiani Group, we firmly believe that Baume & Mercier’s long-term potential will be best realised as part of the Damiani Group, given the Maison’s strong footprint in Italy, its predominantly multi-brand wholesale distribution model and its accessible positioning in the luxury watch segment. Closing is expected in the summer of 2026 and remains subject to certain conditions precedents.

Sales at our ‘Other’ business area reached € 2.7 billion, close to stable at actual rates and up by 3% at constant rates. This performance was supported by modest growth at Fashion & Accessories (‘F&A’) Maisons and improvement in the second half. Sales at constant rates were up in the Americas, Europe and Middle East & Africa, despite double-digit comparatives across those regions in the prior year. Of note, Peter Millar and Alaïa maintained their solid momentum, building on several years of growth. Overall, the Group’s F&A Maisons posted a solid rise in sales in the ready-to-wear category for the year. Montblanc saw encouraging sequential improvement as the Maison progressed on its transformation. The operating result for the ‘Other’ business area amounted to a loss of € 96 million, marking a modest improvement. F&A Maisons maintained consistent and disciplined investments in their brand equity and desirability.

At Group level, operating profit came in at € 4.5 billion, including € 164 million of non-recurring costs. The strong sales momentum, combined with solid cost discipline, mitigated the decline in gross margin resulting from unfavourable currency movements and higher raw material costs, and to a lesser extent, additional US duties. Operating margin stood at 20.0%. 

Profit for the year was up by 27% to € 3.5 billion, compared to € 2.8 billion in the prior year.

Finally, the Group maintained a strong net cash position, at € 8.5 billion at the end of March 2026, up € 0.2 billion versus a year before.

Dividend

Based on the performance of the year and net cash position of € 8.5 billion at the end of March 2026, the Board proposes to pay an ordinary dividend of CHF 3.30 per 1 ‘A’ share/10 ‘B’ shares, an increase of 10% over the prior year, as well as an additional special dividend of CHF 1.00 per 1 ‘A’ share/10 ‘B’ shares, subject to shareholder approval at the Annual General Meeting (‘AGM’) on 9 September 2026.

Annual General Meeting 

As a reminder, in addition to all Board members having been re-elected for a further one-year term, all other items tabled at the AGM were adopted, including the Consolidated financial statements, the Non-Financial Report and the appointment of KPMG SA as the Company’s auditor for a one-year term, succeeding PricewaterhouseCoopers.

Concluding remarks

In a persistently volatile geopolitical environment, the Group delivered strong growth and solid results, reflecting the resilience of its business model, the strength of its Maisons, the enduring agility and creativity of its teams and the benefits of its balanced regional footprint.

This performance continued to be driven by a clear long-term approach, centred on differentiation, strong brand identity and disciplined pricing. Buccellati’s success since the acquisition illustrates this well, combining a distinctive heritage with creativity and craftsmanship. While each Maison operates within its own market sector dynamics, the success of many collections highlights the importance of nurturing strong creativity consistent with a clear and distinctive identity, supported by consistent execution over time.

Looking ahead, uncertainty is likely to persist, not least in relation to developments in the Middle East. Against this backdrop, the Group remains vigilant and will continue to rely on its long-term orientation and disciplined operating approach to enchant clients, maintain the desirability of its Maisons and deliver sustainable value over time for all stakeholders.

Our teams have once again demonstrated their ability to adapt, whilst remaining true to the Maisons’ respective identities. I would like to thank them for their continued commitment and contribution to Richemont’s performance.

Johann Rupert
Chairman

Compagnie Financière Richemont SA

Financial review

Any references to Hong Kong, Macau and Taiwan within this financial review are to Hong Kong SAR, China; Macau SAR, China; and Taiwan, China, respectively.

Sales

For the year ended 31 March 2026, sales increased by 5% at actual exchange rates to € 22 420 million. Excluding the unfavourable effects of foreign exchange rates, sales for the year were up by 11% with continued momentum in the fourth quarter at +13%. 

Full year sales were higher than the prior year across all regions, led by the Americas and Middle East & Africa, both of which grew by double digits at constant exchange rates. In the Americas, sales were up by 8%, or by 17% at constant exchange rates, led by sustained domestic demand throughout the year and growth across all markets. Jewellery Maisons and Specialist Watchmakers both grew by double digits. Sales in the Middle East and Africa region were higher than the prior year by 6%, or by 13% at constant exchange rates. Double-digit growth in the first three quarters of the year was disrupted by the conflict in the region in March, leading to a decline in sales of 3% in Q4 at constant exchange rates. Sales in Europe were up by 7% compared to the prior year (+9% at constant exchange rates), reflecting growth across all major markets and distribution channels, supported by solid local demand and strong performance at the Jewellery Maisons. In Asia Pacific, sales returned to growth at +1% (+8% at constant exchange rates), led by strength in the South Korean, Australian and Singapore markets. Of note, sales in China, Hong Kong and Macau combined were up by low single digits at constant exchange rates for the year. Despite challenging comparatives in the prior year, sales in Japan grew by 2% (+9% at constant exchange rates), fuelled by strong local demand and double-digit growth in sales at the Jewellery Maisons. 

Sales across all distribution channels were higher than the prior year. Retail sales, which represented 71% of total group sales, grew by 5% at actual exchange rates (+12% at constant exchange rates), reflecting strength across all regions. Online retail sales ended the year higher by 2%, or up by 8% at constant exchange rates. In both cases, growth was led by the Jewellery Maisons. In total, direct-to-client sales accounted for 77% of total group sales, slightly above prior year’s levels. Wholesale sales, representing 23% of total sales, also ended the year higher than the prior year, by 4% or +9% at constant exchange rates. 

Sales at the Jewellery Maisons were up by 8%, or by 14% at constant exchange rates, reflecting growth across all regions and all distribution channels. At constant exchange rates, the Jewellery Maisons recorded double-digit growth every quarter of the year under review. Sales by Specialist Watchmakers were 4% below the prior year at actual exchange rates. At constant rates though, sales were up by 1%, led by strength in the Americas and visible improvement at several Maisons in the second half. Sales at the ‘Other’ business area were down by 2% at actual exchange rates, but up by 3% at constant exchange rates, with encouraging signs in the Americas and in Europe. 

Further details on sales by region, distribution channel and business area are given under Review of Operations.

Gross profit

Gross profit amounted to € 14 438 million, up by 1%, corresponding to 64.4% of sales, down from 66.9% in the prior year. Adverse exchange rate movements, combined with higher raw material costs, and to a lesser extent, additional US customs duties, in particular in the second half of the year, were only partially offset by measured pricing adjustments and positive product mix effects. 

Operating profit

Operating profit for the year grew by 1% to € 4 492 million, corresponding to 20.0% of sales. Excluding the unfavourable impact of foreign exchange rates, operating profit was up by 23%.

Supported by solid cost discipline across the Group, net operating expenses were overall maintained at a similar level to the prior year, up by only 1% (unchanged when accounting for the effect on non-recurring items in both periods). As a percentage of sales, they were down to 44.4% of sales, from 46.0% in the prior year, reflecting positive sales leverage. 

Selling and Distribution expenses increased moderately, up by 2%, considering selective retail expansion, as well as salary inflation. As they grew at a slower rate than sales, they amounted to 25.6% of sales, down from 26.3% a year ago. Communication expenses were down by 5%, amounting to 8.9% of sales compared to 9.8% in the prior year. This largely reflected the Maisons’ continued drive to efficiently allocate their spend, and to a lesser extent, the phasing of certain events. 

Administrative and other expenses rose by 4%, the increase fully reflecting higher non-recurring costs than in the prior year. Non-recurring costs, included in Other expenses, amounted to € 164 million, compared to € 72 million in the prior year. They primarily reflected a € 99 million combined charge related to impairments of non-current assets, in addition to a write-down of € 59 million following the announced sale agreement of Baume & Mercier. 

Profit for the year

Profit for the year from continuing operations stood at € 3 464 million, down by 8% compared to the prior year. This € 298 million variation was largely explained by the combined effect of a € 91 million increase in net finance costs to € 144 million, a € 73 million decrease in the share of equity-accounted investments, and a € 159 million rise in the tax charge. 

Overall, net finance costs of € 144 million for the year included net foreign exchange losses on monetary items of € 534 million, partly offset by a € 374 million net gain arising from the Group’s foreign exchange hedging programme. Fair value adjustments on the Group’s investments in money market funds and segregated mandates resulted in a gain of € 109 million. Net interest expense amounted to € 93 million. 

The Effective Tax Rate for the Group was 20.4%, reflecting the current geographical mix. This compared to a 16.5% rate in the prior year, which was reduced by non-cash accounting items.

As a result, profit for the year amounted to € 3 484 million, 27% higher than the € 2 750 million reported in the prior year, partly reflecting the non-recurrence of the € 1.0 billion YNAP write-down in discontinued operations.

Earnings per share reached € 5.909 on a diluted basis. 

To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for the year ended 31 March 2026 was € 3 605 million (2025: € 3 726 million). Basic HEPS for the year were € 6.132 (2025: € 6.351), diluted HEPS for the year were € 6.114 (2025: € 6.327). Further details regarding earnings per share and HEPS, including an itemised reconciliation, can be found in note 29 of the Group’s consolidated financial statements.

Cash flow

Cash flow generated from operating activities amounted to € 4 880 million, up from € 4 443 million in the prior year. This increase included a rise in operating profit adjusted for non-cash items, of which impairments and write-downs, coupled with higher cash inflows from foreign exchange derivatives. In the context of strong sales growth, the Maisons maintained solid management of trade working capital, with cash consumption broadly similar to the prior year.

Net investments in property, plant and equipment amounted to € 957 million, an 8% reduction compared to the prior year. Investments were primarily dedicated to enhancing the boutique network and reinforcing manufacturing capacities for both the Maisons and the Group’s manufacturing entities. 

The cash outflow from the disposal of subsidiary undertakings of € 640 million represented the net cash balances held by the YNAP entities on the date of disposal. 

The 2025 dividend of CHF 3.00 per share (1 ‘A’ share/10 ‘B’ shares) was paid to shareholders, net of withholding tax, in September 2025. The total dividend cash outflow in the period amounted to € 1 888 million.

Proceeds from the exercise of share options by executives and other hedging activities during the period amounted to a net cash inflow of € 30 million. Additional treasury shares were acquired during the year, at a cost of € 186 million.

Balance sheet

Inventories amounted to € 9 715 million, 8% higher than at 31 March 2025, a moderate increase in the context of strong sales and higher raw material costs. Consequently, inventory rotation represented 17.1 months of cost of sales, down from 18.6 months in the prior year.

In connection with the sale of YNAP in April 2025, the Group acquired shares in LuxExperience BV, representing 36% of the outstanding share capital at closing. This investment is included within Equity-accounted investments. 

The assets and liabilities of Baume & Mercier have been reclassified to Assets and Liabilities of disposal groups held for sale, following the agreement with the Damiani Group announced in January 2026. 

In March 2026, the Group repaid a € 1.5 billion corporate bond, which was issued in 2018 and carried a 1% coupon. This had no impact on the Group’s net cash position, as the decrease in liabilities was matched by an equivalent cash outflow.  

The Group’s net cash position rose by 3% to € 8 496 million at 31 March 2026, an increase of € 239 million. Net cash is comprised of cash and cash equivalents, investments in externally managed bond and money market funds as well as external borrowings, including corporate bonds. 

Shareholders’ equity represented 57% of total equity and liabilities compared to 54% in the prior year. 

Proposed dividend

Considering the Group’s annual performance and robust net cash position, the Board has proposed a dividend of CHF 3.30 per ‘A’ share/10 ‘B’ shares and an additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares. 

The dividend will be paid as follows:

The dividends will be payable following the Annual General Meeting which is scheduled to take place in Geneva on Wednesday 9 September 2026.

The last day to trade Richemont ‘A’ shares on the Swiss Stock Exchange (‘SIX’) and the Johannesburg Stock Exchange (‘JSE’) cum-dividend will be Tuesday 15 September 2026. Both will trade ex-dividend from Wednesday 16 September 2026.

The dividends on the Richemont ‘A’ shares traded on SIX will be paid on Monday 21 September 2026 and is payable in Swiss francs. The dividends in respect of the Richemont ‘A’ shares traded on the JSE will be payable on Monday 28 September and is payable in South African rand. Further details regarding the latter dividend payments may be found in a separate announcement dated Friday 22 May 2026 on SENS, the JSE news service.

Review of operations

This part is only available in the full PDF which can be downloaded above.

Appendix

This part is only available in the full PDF which can be downloaded above.


Presentation

The results will be presented via a video webcast on 22 May 2026, starting at 09:30 (CEST). The direct link is available from 07:30 (CEST) at www.richemont.com.

An archive of the video webcast will be available at 15:00 (CEST) the same day and a transcript of the webcast on 23 May 2026: www.richemont.com/investors/results-reports-presentations/

Statutory information

The Richemont 2026 Annual Report published on 22 May 2026 is available for download from the Group’s website at www.richemont.com/investors/results-reports-presentations/. A version including the Business review, the Compensation Report and the Corporate Governance Report will be available to download on 29 May 2026. Copies may be obtained from the Company’s registered office or by contacting the Company via the website at https://www.richemont.com/news-media/media-contacts/

Registered office
50 chemin de la Chênaie
CP 30, 1293 Bellevue
Geneva
Switzerland
+41 22 721 3500
www.richemont.com

Registrar
Computershare Schweiz AG
P.O. Box, 4601 Olten
Switzerland
+41 62 205 7700
share.register@computershare.com 

Auditor
KPMG SA
Esplanade de Pont-Rouge 6
PO Box 1571
1211 Geneva
Switzerland

Secretariat contact
Swen Grundmann
Director of Corporate Affairs and Company Secretary
+41 22 721 3500
secretariat@cfrinfo.net 

Investor/analyst and media contacts

Alessandra Girolami
Group Investor Relations Director

James Fraser
Investor Relations Executive

Edward Walsh
Corporate Communications Director

+41 22 721 3003 (investor relations)
investor.relations@cfrinfo.net 

+41 22 721 3507 (press enquiries)
pressoffice@cfrinfo.net 
richemont@teneo.com 

Richemont ‘A’ shares issued by Compagnie Financière Richemont SA are listed on the SIX Swiss Exchange, Richemont’s primary listing (Reuters ‘CFR.S’ / Bloomberg ‘CFR:SW’ / ISIN CH0210483332). They are included in the Swiss Market Index (‘SMI’) of leading stocks and the MSCI Switzerland IMI ESG Leaders Index. The ‘A’ shares are also listed on the Johannesburg Stock Exchange, Richemont’s secondary listing (‘CFRJ.J’ / Bloomberg ‘CFR:SJ’ / ISIN CH0210483332).

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their creativity and craftsmanship. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in three business areas: Jewellery Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and Other, primarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as TimeVallée and Watchfinder & Co. 

Disclaimer

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumer traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. If international tariffs are imposed or increased, materials and goods that Richemont imports may face higher prices, which could lead to reduced margins or increased prices that could cause decreased consumer demand. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group’s control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.