Revenue reached €22.4bn, up 5% over the previous fiscal year. Operating profit, weighed on by customs duties and gold prices, rose by only 1%. The sharp surge in net income is actually the result of a change in its consolidation scope.

Momentum remains strong across all geographies, particularly in North America, which saw double-digit growth compared to 2025. In the Middle East, signaling Richemont's resilience, sales in the final quarter fell by only 3%, despite a decline in tourist numbers in the Emirates.

The jewelry segment continues to post insolent growth and margins. Performance was more mixed in the watchmaking division, where sales decreased by 4% and operating profit plummeted by 39%, although this segment is significantly less strategic to the consolidated group.

Richemont generated its highest free cash flow in five years, while distributing €1.9bn in dividends to shareholders. The payout is set to increase by 10% for FY 2026, further bolstered by a generous special dividend.

The group, which owns Cartier, Van Cleef & Arpels, Buccellati, Vacheron Constantin, and Jaeger-LeCoultre, amongst others, has delivered its best annual performance in five years. Over the past decade, its revenue has doubled, while operating profit has grown at an even more robust pace.

The market widely recognizes this superiority, as Richemont continues to be valued at its historical peaks. It trades at a higher earnings multiple than LVMH, though it remains well below the premium afforded to Hermes, even after the recently observed slowdown.