#1LVMH LVMH ANNUAL RESULTS 2020 JANUARY 26, 2021 Louis Vuitton DISCLAIMER 2 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 LVMH's Universal Registration Document which is available on the website (www.lvmh.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 LVMH's views as of the date of this document, and LVMH 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 LVMH 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 LVMH or an invitation or inducement to engage in any other investment activities. LVMH#22020 ANNUAL RESULTS BUSINESS GROUP REVIEW LVMH Christian Dior Couture LVMH 3 GOOD RESILIENCE OF LVMH IN 2020 | Highest priority placed on the health and safety of our employees and customers and providing direct support in the fight against the pandemic, Good resilience, notably from major brands, in an economic environment disrupted by the global health crisis, | Impact of crisis on revenue worldwide; however, second half marked by a strong recovery in Asia, with double-digit growth, and significant improvement in trends in the US and Japan, |Double-digit organic revenue growth for Fashion & Leather Goods in each of last two quarters of 2020 and remarkable resilience of Cognac, | Strong acceleration in online sales, | Suspension of international travel, severely penalizing travel retail and hotel activities, | Exceptional level of operating free cash flow, equivalent to 2019 level, | Finalization of agreement with iconic American jewelry Tiffany. LVMH#32020 ANNUAL RESULTS WINES & SPIRITS KEY FIGURES In millions of euros ⚫ REVENUE Organic change 2020 2019 2119 LVMH ■Champagne & Wines Cognac & Spirits 2507 ⚫ PROFIT FROM RECURRING OPERATIONS 2020 ANNUAL RESULTS 2020 488 2019 690 900 2636 - 15% - 14% 4 755 3069 5 576 - 20% 1 388 5 1039 1 729 LVMH WINES & SPIRITS 2020 HIGHLIGHTS Strong recovery in the US in the second half and improved trends in China CHAMPAGNE & WINES • Champagne: volumes -19% • Significant negative impact on consumption, especially in restaurants and night clubs Improved trends in Europe and return to growth in the US in second half . Integration of Château d'Esclans, high-end rosé wine acquired at the end of 2019 ΧΟ Hennessy) Hennessy COGNAC & SPIRITS • Hennessy: volumes -4 %; back to growth in the second semester driven by V.S quality Strong rebound in the US, helped by exceptional measures taken to support consumption Improvement in trends in China • Launch in Europe of high-end rum Eminente LVMH 6#42020 ANNUAL RESULTS FASHION & LEATHER GOODS KEY FIGURES In millions of euros ⚫ REVENUE Organic change 2020 2019 ⚫ PROFIT FROM RECURRING OPERATIONS 2020 ANNUAL RESULTS 2020 2019 LVMH - 5% -3% 21 207 22 237 -2% 7 188 7 344 LVMH 8 FASHION & LEATHER GOODS 2020 HIGHLIGHTS Outstanding resilience of Louis Vuitton and Christian Dior; double-digit organic revenue growth in each of the last two quarters | LOUIS VUITTON • Agility in the crisis and exceptional creativity (Pont 9 line, 1854 canvas, physical runway shows in Shanghai, Tokyo, Miami...) • Continued enhancement of qualitative and efficient digital service Strong commitment to responsible creativity supported by high quality and sustainable craftsmanship Opened iconic store in Japan, Maison Louis Vuitton Osaka Midosuji | CHRISTIAN DIOR · Outstanding momentum and market share gains in all regions Successful launch of new products (Bobby bag in leather goods, Dior chez Moi in Ready-To-Wear...) Spectacular show in Lecce; success of << Christian Dior, Couturier du Rêve » exhibition in Shanghai New flagship store in Paris, rue Saint-Honoré | FENDI: good resilience; musical collaboration with Anima Mundi project in several cities | LORO PIANA: opened flagship store in Ginza Tokyo | CELINE: strong recovery in the last quarter, supported by Asian clientele | LOEWE: excellent reception to unique << Show-in-a-box >> and << Show-on-the-wall >> Fendi | MARC JACOBS: continued development of accessories and success of digital LVMH#52020 ANNUAL RESULTS PERFUMES & COSMETICS KEY FIGURES In millions of euros ⚫ REVENUE Organic change 2020 2019 LVMH - 23% - 22% 5 248 6 835 ⚫ PROFIT FROM RECURRING OPERATIONS - 88% 2020 ANNUAL RESULTS 2020 2019 Parfums Christian Dior 80 683 9 LVMH 10 PERFUMES & COSMETICS 2020 HIGHLIGHTS Across the industry, sharp reduction in purchases by international travelers and in makeup; maintained selective distribution and limited promotions; development of skincare and progress of online sales | PARFUMS CHRISTIAN DIOR • • • Good resilience thanks to iconic lines and strength of innovations Improved Q4 especially in China, Japan and the US Strong acceleration of online sales, especially in China Successful launches of Miss Dior Roses N'Roses, J'adore Infinissime and new Rouge Dior | GUERLAIN • Outstanding performance in skincare, especially in China Continued exceptional growth of Abeille Royale and Orchidée Impériale lines ⚫ Success of Aqua Allegoria collection in perfumes | OTHER BRANDS Good performance of makeup Prisme Libre for Parfums Givenchy ⚫ Benefit particularly impacted by suspension of services in stores Development of digital communication and online sales for Fresh Launch of Fenty Skin . LVMH#62020 ANNUAL RESULTS WATCHES & JEWELRY KEY FIGURES In millions of euros ⚫ REVENUE Organic change 2020 2019 LVMH - 24% - 23% 3 356 4 405 ⚫ PROFIT FROM RECURRING OPERATIONS - 59% 2020 ANNUAL RESULTS 2020 2019 Bvlgari 302 736 11 LVMH WATCHES & JEWELRY 2020 HIGHLIGHTS Finalized Tiffany & Co acquisition Strong recovery of Bvlgari in China and good resilience of TAG Heuer | BVLGARI Strong recovery in China in the second half • Launch of Serpenti Viper and B.Zero1 << Rock >> lines and high-end jewelry collection Barocko • Excellent reception to new watch Bvlgari Aluminium and 6th world record for Octo Finissimo TAG HEUER • Launched third generation of Connected Watch in New York ⚫ Celebrated brand's 160th anniversary with launch of limited editions | HUBLOT • Launched new products such as Big Bang Integral and Spirit of Big Bang Meca-10 ⚫ Official Timekeeper of English football Premier League for 2020-2021 season CHAUMET • Reopened at historic Place Vendôme site in Paris and strengthened footprint in China • Presented high-end jewelry collection Perspectives in Monaco and China FRED • Development of Force 10 line and launched Chance Infinie • Expansion in China; reinforced digital presence 12 LVMH#72020 ANNUAL RESULTS SELECTIVE RETAILING KEY FIGURES In millions of euros ⚫ REVENUE Organic change 2020 2019 LVMH ⚫ PROFIT FROM RECURRING OPERATIONS 2020 2019 2020 ANNUAL RESULTS - 31% -30% 10 155 14 791 ns SS (203) 13 1395 LVMH ly HUB SELECTIVE RETAILING 2020 HIGHLIGHTS Good adaptability of Sephora; significant impact of the crisis on DFS Sephora | SEPHORA . Traffic in stores penalized by the health crisis . Record levels of online sales, grew sharply Success of << Virtual Sephora Day » presenting beauty trends in China Continued development of skincare, growing success of Sephora Collection << Good For >> | DFS Major impact of suspension of international travel • Improved activity in Macao at the end of year . Launched new services geared towards local clienteles and strengthened online sales | LE BON MARCHÉ . Maintained close relationship with customers thanks to its unique positioning Strong revenue growth for the digital platform 24S 14 LVMH#8CONSOLIDATED KEY FIGURES FY 2020 LVMH 2020 ANNUAL RESULTS LVMH QUARTERLY EVOLUTION OF 2020 REVENUE Q1 2020 10 596 M€ -15% 1% % Q2 2020 7 797 M€ - 38% H1 2020 Q3 2020 Q4 2020 H2 2020 2020 18 393 M€ - 27% 11 955 M€ -10% 14 303 M€ - 6% 26 258 M€ -8% 44 651 M€ -17% 1% -1% -3% -4% -3% -3% -5% -7% -17% -16% -28% -38% Currency effect Structure impact Organic change The principles used to determine the net impact of exchange rate fluctuations on the revenue of entities reporting in foreign currencies and the net impact of changes in the scope of consolidation are described on page 11 of the Financial Documents 2020. As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures. 16 LVMH#92020 ANNUAL RESULTS 2020 REVENUE BREAKDOWN BY REGION In % of total revenue 2020 ANNUAL RESULTS LVMH 16% 8% 24% EUROPE (excl. France), FRANCE 34% 7% UNITED STATES (inc. Hawaii) JAPAN ASIA (excl. Japan) REVENUE CHANGE BY REGION 11% OTHER MARKETS Organic change. versus same period of 2019 H1 2020 Q3 2020 Q4 2020 2020 UNITED STATES 24% 4% 2% - 13% JAPAN 32% 17% + 5% - 19% ASIA (EXCL. JAPAN) 24% + 13% + 21% - 4% EUROPE 33% 24% - 24% - 28% 17 LVMH 18 LVMH#102020 ANNUAL RESULTS ORGANIC REVENUE CHANGE BY BUSINESS GROUP LVMH Organic change versus same period of 2019 H1 2020 Q3 2020 Q4 2020 2020 WINES & SPIRITS - 23% 3% - 11% - 14% FASHION & LEATHER GOODS - 24% + 12% + 18% 3% PERFUMES & COSMETICS - 29% - 16% - 15% - 22% WATCHES & JEWELRY - 39% 14% 2% - 23% SELECTIVE RETAILING TOTAL LVMH - 33% - 29% 26% - 30% - 28% - 7% 3% - 16% 2020 ANNUAL RESULTS REVENUE BY BUSINESS GROUP In millions of euros 2019 2020 WINES & SPIRITS 5 576 4 755 - 15% Reported change Organic change* - 14% Champagne & Wines 2 507 2 119 15% 16% Cognac & Spirits 3 069 2 636 - 14% - 12% FASHION & LEATHER GOODS 22 237 21 207 - 5% - 3% PERFUMES & COSMETICS 6 835 5 248 - 23% - 22% WATCHES & JEWELRY 4 405 3 356 - 24% - 23% SELECTIVE RETAILING 14 791 10 155 - 31% - 30% OTHERS & ELIMINATIONS (174) (70) TOTAL LVMH 53 670 44 651 - 17% - 16% * With comparable structure and exchange rates. 19 LVMH 20 LVMH#112020 ANNUAL RESULTS INCOME STATEMENT SUMMARIZED LVMH In millions of euros REVENUE GROSS MARGIN Marketing and selling expenses General and administrative expenses Equity investment income PROFIT FROM RECURRING OPERATIONS Other operating income and expenses OPERATING PROFIT 2019 2020 % Change 53 670 44 651 17% 35 547 28 780 - 19% (20 207) 17% (3 864) 28 11 504 (231) 11 273 (16 792) (3 641) (42) 8 305* (333) 7 972 (608) (2 409) 4 955 (253) 6% - 28% - 29% 36% Net financial income (expense) (559) Income taxes (2 932) NET PROFIT BEFORE MINORITY INTERESTS 7 782 (611) GROUP SHARE OF NET PROFIT 7 171 4 702 - 34% * Including a negative currency effect of 175 M€. Minority interests 2020 ANNUAL RESULTS HALF-YEAR CHANGES OF PROFIT FROM RECURRING OPERATIONS BY BUSINESS GROUP Evolution versus same period of 2019 WINES & SPIRITS H1 2020 H2 2020 2020 - 29% - 13% - 20% FASHION & LEATHER GOODS 46% + 32% 2% PERFUMES & COSMETICS ns - 63% - 88% WATCHES & JEWELRY ns - 16% 59% SELECTIVE RETAILING ns - 85% ns TOTAL LVMH - 68% + 7% - 28% 21 LVMH 22 LVMH#122020 ANNUAL RESULTS LVMH PROFIT FROM RECURRING OPERATIONS BY BUSINESS GROUP 2020 ANNUAL RESULTS In millions of euros WINES & SPIRITS 2019 1 729 1 388 2020 % Change - 20% Champagne & Wines 690 488 - 29% Cognac & Spirits 1 039 900 - 13% FASHION & LEATHER GOODS 7 344 7 188 2% PERFUMES & COSMETICS 683 80 - 88% WATCHES & JEWELRY 736 302 - 59% SELECTIVE RETAILING 1 395 (203) ns OTHERS AND ELIMINATIONS (383) (450) ns TOTAL LVMH 11 504 8 305 - 28% CHANGE IN NET FINANCIAL RESULT In millions of euros 2019 2020 Change (M€) COST OF NET FINANCIAL DEBT (107) (35) + 72 22 INTEREST ON LEASE LIABILITIES (290) (281) + 9 COST OF CURRENCY DERIVATIVES (230) (262) 32 FAIR VALUE ADJUSTMENT OF AVAILABLE 82 (4) 86 FOR SALE FINANCIAL ASSETS OTHER ITEMS - NET (14) (26) 12 NET FINANCIAL RESULT (559) (608) 49 23 LVMH 24 LVMH#132020 ANNUAL RESULTS LVMH VERY SOUND FINANCIAL STRUCTURE Changes compared to December 31, 2019 | Slight decline in intangible and tangible fixed assets due to limited capital investments during the pandemic | Reduced inventories mainly resulting from unfavorable currency change | Slight increase in total equity primarily linked to net result less dividends compensated in part by currency change | Compensating increases in debt and current assets in preparation for the Tiffany acquisition which closed on January 7th, 2021 2020 ANNUAL RESULTS In billions of euros 108.7 108.7 36% Total equity Non current 63% assets 41% Non current liabilities Inventories 12% Other current 25% 23% Current liabilities assets ASSETS LIABILITIES ANALYSIS OF CASH FLOW FROM OPERATIONS December 31, 2020 In millions of euros 2019 2020 Variation (M€) CASH FROM OPERATIONS BEFORE CHANGES 16 105 13 997 - 2 108 IN WORKING CAPITAL Cost of net financial debt: interest paid (124) Lease liabilities: interest paid (239) (58) (290) +66 - 51 Tax paid (2 940) (2 385) + 555 Change in working capital (1 154) (367) + 787 NET CASH FROM OPERATING ACTIVITIES 11 648 10 897 - 751 Operating investments (3 294) (2 478) Repayment of lease liabilities (2 187) (2 302) +816 - 115 OPERATING FREE CASH FLOW * 6 167 6 117 - 50 * Before available for sale financial assets and investments, transactions relating to equity and financing activities. 25 LVMH 26 LVMH#142020 ANNUAL RESULTS NET FINANCIAL DEBT In millions of euros LVMH 7 153 5 309 4 805 4 235 3 244 5 487 **6 206 4 241 Hell 24% 19% 21% 16% 16% 16% 12% 11% 31/12/2013 31/12/2014 31/12/2015 Net financial debt 31/12/2016*** 31/12/2017*** 31/12/2018*** 31/12/2019* 31/12/2020 Gearing 2020 ANNUAL RESULTS * Incorporating for the first time the effects of the application of IFRS 16 Leases. ** Belmond shares deducted from net financial debt (€274m). *** Restated to reflect the application of IFRS 9 Financial instruments. Previous years are presented without restatement. 2020 DIVIDEND In euros GROSS DIVIDEND PER SHARE AVERAGE ANNUAL GROWTH RATE OVER 5 YEARS + 11% 6,00 4,80 6,00* 5,00 4,00 3,55 3,20 ااااس 2014 2015 2016 2017 2018 2019 2020 * Will be proposed to the Annual General Meeting of April 15, 2021 27 LVMH 28 LVMH#15unce CONCLUSION LVMH 2020 ANNUAL RESULTS Louis Vuitton LVMH 30 GETTING READY FOR THE RECOVERY IN 2021 | Maintain vigilance in an economic environment disrupted by major global health crisis | Remain focused on preserving value of our brands, quality of our products and their distribution | Ensure rapid integration of Tiffany within the Group Pursue digitalization of our Maisons to enrich customers' experience both online and in stores | Accentuate Group's commitment to preserve the environment and corporate responsibility | Build upon entrepreneurship and agility of our organization REINFORCE LVMH'S GLOBAL LEADERSHIP POSITION IN LUXURY GOODS IN 2021 LVMH