#1LVMH First half 2023 results July 25, 2023 1 Onxx Louis Vuitton#2This 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. 2 1 Disclaimer LVMH#3H1 2023: excellent first half for LVMH 3 REVENUE 42.2 bne bn€ * Organic growth + 17% vs. H1 2022* First half 2023 results PROFIT FROM RECURRING OPERATIONS 11.6 bn€ + 13 % vs. H1 2022 OPERATING MARGIN 27.4% OPERATING FREE CASH FLOW 1.8 bn€ OPERATING INVESTMENTS 3.6 bne bn€ GEARING 21% LVMH#4H1 2023: excellent first half for LVMH Double-digit revenue growth in all business groups except for Wines & Spirits Second quarter in line with the start of year trends Strong growth in business in Europe and Asia 4 First half 2023 results Solid performance by champagne thanks to its value-based strategy and a contraction in cognac compared to the first half of 2022 which benefited from the significant impact of inventory rebuilding among distributors Kim Juris Henny Outstanding performance by Fashion & Leather Goods, particularly for Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe and Marc Jacobs Impressive growth in High Jewelry and strong creative momentum among all Watches and Jewelry Maisons, in particular Tiffany, Bulgari and TAG Heuer. Rapid growth in perfume, makeup and skincare LEDE AF UTY HUB Exceptional performance by Sephora DFS returns to profit benefiting from the recovery in international travel LVMH UF#501 Business group review Louis Vuitton#6BUSINESS GROUP REVIEW Wines & Spirits 6 First half 2023 results Kim Jones Henny Hennessy#7Wines & Spirits - Organic revenue down 3% and profit from recurring operations down 9% Wines & Spirits - H1 2023 evolution of revenue and profit from recurring operations (in million of euros) Champagne & Wines Cognac & Spirits 3 327 1823 1504 H1 2022 Revenue -4% - 3% organic First half 2023 results - Wines & Spirits 3 181 1597 1583 H1 2023 Operating margin Profit from recurring operations 1154 707 447 H1 2022 34.7% -9% 1 046 568 477 H1 2023 32.9% LVMH#8Wines & Spirits - Good first half for Champagne; United States performance partially offset by Hennessy's rebound in China 8 1729 Ruinart C LESPIEVA BAN BUJANG DALAM TENCEN PELLOLLAN COMATIZEN REVENUE CHAMPAGNE & WINES + 8% Organic Champagne & Wines Good performance driven by value strategy Growth in Europe and Japan - Firm price increase policy - New collaboration between Dom Pérignon and Lady Gaga 3rd edition of Veuve Clicquot's Solaire Culture exhibition in London – Ruinart's new Blanc Singulier cuvée, a unique blend reflecting the variations of climate and singularity of wines in one year. Continued international development of Château d'Esclans, acquisition of Château Minuty, one of the world leaders in Provence-based rosé | First half 2023 results - Wines & Spirits Hennessy PARADIS REVENUE COGNAC & SPIRITS - 11 % Organic Cognac & Spirits Weak demand in the United States, recovery in China - United States impacted by economic environment and distributors' high levels of inventories at beginning of year Start of year impacted by Covid, followed by gradual recovery in China Roll-out of Hennessy x NBA partnership in all markets - Acceleration of decarbonization efforts through use of renewable energy at all locations Continued innovation of Belvedere vodka and Glenmorangie whisky LVMH#9BUSINESS GROUP REVIEW Fashion & Leather Goods 9 First half 2023 results Christian Dior Couture.#10Fashion & Leather Goods - Organic revenue up 20% and profit from recurring operations up 14% Fashion & Leather Goods - H1 2023 evolution of revenue and profit from recurring operations (in million of euros) 18 136 H1 2022 Revenue +17% + 20% organic 21 162 H1 2023 10 First half 2023 results - Fashion & Leather Goods Operating margin Profit from recurring operations 7509 H1 2022 41.4 % +14% 8562 H1 2023 40.5% LVMH#11Fashion & Leather Goods - Remarkable performance, notably for Louis Vuitton and Christian Dior Louis Vuitton Excellent first half, driven by strong creativity - Highly desirable women's collections designed by Nicolas Ghesquière - Enthusiastic response to Pharrell Williams' first men's show, on the Pont Neuf in Paris Renewed emphasis on brand's cultural dimension with artist Kusama's collaboration << LV Dream » in Paris and << Malle Courrier >> exhibitions at Louis Vuitton family's home in Asnières Christian Dior Couture Remarkable growth in all product categories - Inspiring fashion shows in Mumbai, Mexico City and Paris for collections designed by Maria Grazia Chiuri and Kim Jones Showcased iconic Lady Dior bag in the "Christian Dior, Designer of dreams" exhibition in Tokyo New Jewelry collection Les Jardins de la Couture, featuring 170 exceptional pieces, created by Victoire de Castellane 11 First half 2023 results - Fashion & Leather Goods Celine Loewe Fendi Loro Piana Marc Jacobs Rimowa Berluti LIN RIS Enhancement of Maison's desirability through Hedi Slimane's collections; great success of Triomphe bags and ready-to-wear Bold creativity of Jonathan Anderson; strengthened distribution network with opening of Casa Dubai Opened first Palazzos in Seoul and Tokyo; Hand in Hand exhibition showcasing savoir-faire and craftsmanship Success of the Spring 2023 and Resort collections; notable growth of the Extra Pocket and Bale bag collections Sustained growth of flagship lines Tote Bag and Snapshot; expanded store network in the United States and Europe Raised brand and distribution's positioning for a modern clientèle Launched new Lorenzo Drive moccasin and expanded store network geographically LVMH#12BUSINESS GROUP REVIEW Perfumes & Cosmetics 12 First half 2023 results SAUVAGE ELIXIR Dior#13Perfumes & Cosmetics - Organic revenue up 13% and profit from recurring operations up 15% Perfumes & Cosmetics - H1 2023 evolution of revenue and profit from recurring operations (in million of euros) 3 618 H1 2022 Revenue +11% +13% organic 4 028 H1 2023 13 First half 2023 results - Perfumes & Cosmetics Operating margin Profit from recurring operations 388 H1 2022 10.7% + 15% 446 H1 2023 11.1 % LVMH#14Perfumes & Cosmetics - Excellent momentum in perfumes and makeup, continued ongoing highly selective distribution and promotion approach DIORIVIERA CHRISTIAN DIOR PARIS Parfums Christian Dior Excellent performance and strengthened leadership in strategic markets - Iconic fragrances Sauvage, J'adore and Miss Dior enjoyed continued success, supported by their high quality New scent, Dioriviera added to La Collection privée, created by Francis Kurdjian Successful launch of Dior Addict Lip Maximizer, a top-tier innovation in makeup - Good momentum of premium skincare Prestige, particularly in Asia 14 - Agroecological transition project using beetroot to produce 45% of its alcohol needs First half 2023 results - Perfumes & Cosmetics Guerlain Parfums Givenchy JASMIN CONHEUR GUERLAIN the PORE fessional Strong growth of Aqua Allegoria and high- end L'art et la Matière perfume collection enhanced by new scent Jasmin Bonheur Excellent reception of new natural and smudge-proof foundation Terracotta Le Teint Success of iconic fragrance L'Interdit and new Gentleman Society and Irrésistible Rose Velvet variations the PORE fessional DEEP RETREAT Benefit Make Up For Ever Fenty Beauty al Maison Francis Kurkdjian Acqua di Parma French Kids Part S Expansion of The Porefessional skincare line dedicated to minimizing the look of pores; roll- out of new Brow Lamination service Continued growth of iconic range HD Skin with the launch of HD SKIN POWDER Great success of new volume mascara Hella Thicc Continued development of Baccarat Rouge 540; collaboration with the Palace of Versailles for the << Jardin du parfumeur Great momentum of iconic line Colonia, increased exclusivity of distribution LVMH#15BUSINESS GROUP REVIEW Watches & Jewelry 15 First half 2023 results Tiffany & Co.#16Watches & Jewelry - Organic revenue up 13% and profit from recurring operations up 10% Watches & Jewelry - H1 2023 evolution of revenue and profit from recurring operations (in million of euros) 4.909 H1 2022 Revenue +11% + 13% organic 16 First half 2023 results - Watches & Jewelry 5 427 H1 2023 Operating margin Profit from recurring operations 987 H1 2022 20.1% + 10% 1 089 H1 2023 20.1% LVMH#17Watches & Jewelry - Solid growth of Jewelry; continued innovation in Watches Tiffany & Co. Accelerated elevation of the brand - Spectacular transformation of legendary New York flagship << The Landmark », featuring more than 9 000m² over 10 floors - First high jewelry collection Out of the Blue, designed by new Artistic Director Nathalie Verdeille - Worldwide roll-out of the Lock collection, promoted notably by the singer Rosé 17 First half 2023 results - Watches & Jewelry Bulgari Excellent growth Success of the new Mediterranea high jewelry collection - Celebrated 75th anniversary of emblematic Serpenti line in Los Angeles, Shanghai, New York, Seoul and Madrid - Strong growth of watches, notably in high-end TAG Heuer Celebrated TAG Heuer Carrera's 60th anniversary Collaboration with Takashi Murakami on collection of 13 unique NFTs allowing acquisition of 13 unique watches Hublot Zenith Chaumet Fred Extension of Defy collection and development of historic line Pilot First edition of Chaumet Écho Culture Awards and new products in the Liens Evidence line Continued growth of Force 10 braceleet and expansion in new markets LVMH#18BUSINESS GROUP REVIEW Selective Retailing 18 First half 2023 results SEPHORA RA SEPHORA SEPHO SEPHORA SEPHORA RA SEP SEPHO SEPHORA SE RA SEPHOR SEPHO. RA SEPH SER SEPHORA EXA BROWBAR EDNIFOSE HAIRCA CARTCAT QUE SEPHI EXPRESS ALL O Y HUB BALF CHECK ORA EXPRESS ALL OF YOU PREUN ЯОН MAKEDE SEPHORA SEPHORA FIRST UK STORE Downind the p or shop naline of sephora.co.uk SEPHOR Sephora#19Selective Retailing - Organic revenue up 26% and doubling of profit from recurring operations Selective Retailing - H1 2023 evolution of revenue and profit from recurring operations (in million of euros) 19 6 630 H1 2022 Revenue + 26% + 26% organic | First half 2023 results - Selective Retailing 8 355 H1 2023 Operating margin Profit from recurring operations 367 H1 2022 5.5% + 100% 734 H1 2023 8.8% LVMH#20Selective Retailing - Excellent performance of Sephora; recovery of DFS thanks to resumed international travel SEPHORA Sephora Continued strong global growth - Outstanding performance in North America, Europe and Middle East - Continued market share gains - Highly successful opening of first UK store - Sustained innovation in client experiences - Strong commitment to diversity and inclusion 20 First half 2023 results - Selective Retailing DFS Recovery with reopening of borders Revenue progressed but still below 2019 levels Return of international travellers to flagship Hong Kong and Macao destinations, more gradual elsewhere Increased traffic from tourist clientele at La Samaritaine Le Bon Marché Success in both brand image and revenue - Growth of local and tourist clientele - Numerous cultural animations: the Sangam exhibition by artist Subodh Gupta, the Comme un poisson dans l'eau digital experience, the Au bonheur des Dames immersive theatre performance Continued growth of La Grande Epicerie LVMH#2102 Consolidated key figures H1 2023 Louis Vuitton#22Organic revenue up 17% versus H1 2022 H1 2023 evolution of revenue (in million of euros) 36 729 H1 2022 Organic growth 22 First half 2023 results +17% Structure impact 0% + 15% Currency effect - 2% 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 9 of the Interim Financial Report 2023. 42 240 H1 2023 LVMH#23Balanced geographic revenue mix H1 2023 revenue breakdown by region (in % of total revenue) UNITED STATES 24% vs 27% in H1 2022 OTHER MARKETS 12% vs 12% in H1 2022 23 First half 2023 results FRANCE 8% vs 7% in H1 2022 EUROPE (excl. France) 15% vs 15% in H1 2022 ASIA (excl. Japan) 34% vs 32% in H1 2022 42.2 bn€ REVENUE JAPAN 7% vs 7% in H1 2022 LVMH#24Europe and Asia growing strongly; US up over the period despite Q2 slowdown Quarterly organic revenue change by region (in %), versus same period of 2022 + 8% United States 1% 24 First half 2023 results + 3% +34% Q1 2023 Japan +29% +31% Q2 2023 +14% TH1 2023 Asia (excl. Japan) +34% + 23% + 24% Europe +19% + 22% LVMH#25Strong revenue growth in all business groups except for Wines & Spirits, which was impacted by the economic environment in the United States H1 2023 revenue by business group (in million of euros) Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total LVMH H1 2022 25 First half 2023 results 3 327 18 136 3 618 4 909 6 630 109 36 729 H1 2023 3 181 21 162 4 028 5 427 8 355 87 42 240 H1 2023 vs H1 2022 Reported 4% + 17% + 11% + 11% + 26% + 15% * with comparable structure and exchange rates. The structural impact for the Group compared to H1 2022 was flat and the currency effect was -2%. Organic* - 3% + 20% + 13% + 13% + 26% + 17% LVMH#26Continued strong momentum over Q2 for all business groups except cognac facing high comparison basis Quarterly organic revenue change by business group (in %), versus same period of 2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Total LVMH 26 First half 2023 results Q1 2023 + 3% + 18% + 10% + 11% + 28% + 17% Q2 2023 - 8% + 21% + 16% + 14% + 25% + 17% H1 2023 - 3% + 20% + 13% + 13% + 26% + 17% LVMH#27Group share of net profit up 30% versus H1 2022 Summarized income statement (in million 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 Net financial income (expenses) Income taxes Net profit before minority interests Minority interests Group share of net profit 27 First half 2023 results H1 2022 36 729 25 311 (12 701) (2 378) 3 10 235 (108) 10 127 (798) (2 385) 6943 (412) 6 532 H1 2023 42 240 29 317 (14 915) (2 823) (5) 11 574 (10) 11 564 467 (3 129) 8 902 (421) 8 481 Change vs H1 2022 + 15% + 16% + 17% +19% + 13% + 14% +31% + 28% + 2% + 30% LVMH#28Profit from recurring operations over 11 billion euros, up 13 % Profit from recurring operations by business group (in million of euros) 28 First half 2023 results Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total LVMH Operating margin (%) H1 2022 1 154 7 509 388 987 367 (170) 10 235 27.9% H1 2023 1 046 8 562 446 1 089 734 (303) 11 574 27.4% Change vs H1 2022 - 9% + 14% + 15% + 10% + 100% + 13% - 0.5 pt LVMH#29Strong operational improvement and a negative currency impact Evolution of profit from recurring operations (in million of euros) 10 235 H1 2022 29 First half 2023 results Organic growth 1526 M€ Structure impact 5 M€ +13% vs H1 2022 Currency effect - 192M€ 11574 H1 2023 LVMH#30Financial results helped by the evolution of financial markets Change in net financial result (in million of euros) Cost of net financial debt Interest on lease liabilities Cost of currency derivatives Fair value adjustment of available for sale financial assets Others Net financial result 30 First half 2023 results H1 2022 2 (116) (98) (564) (22) (798) H1 2023 (171) (160) (179) 1 000 (23) 467 Change (M€) - 173 44 - 81 + 1 564 - 1 + 1 265 LVMH#31Strong financial structure Changes compared to December 31, 2022 ➤ Slight increase in intangible assets, impact of revaluation of purchase commitments of minority interests and structural impact offset negative currency effects Increased tangible assets related to capital expenditure, notably in the retail network and acquisition of properties in Paris and London Increased inventories to support progress in business activity ➤ Progress in total equity linked to increased net result Increased net debt principally due to the payment of the final dividend, increased capital expenditures and the usual seasonality of cash flow 31 First half 2023 results Non current assets Inventories Other current assets 139 bn€ 70% 16% 14% Assets 30/06/2023 139 bn€ 43% 33% 24% Liabilities Total equity Non current liabilities Current liabilities LVMH#32Operating free cash flow of 1.8 billion euros Analysis of free cash flow operations (in million of euros) Cash from operations before changes in working capital Cost of net financial debt: interest paid Lease liabilities: interest paid Tax paid Change in working capital Net cash from operating activities Operating investments Repayment of lease liabilities Operating free cash flow* H1 2022 32 First half 2023 results 12 932 (24) (113) (2 638) (2 891) 7 266 (1 882) (1 338) 4 046 * Before available for sale financial assets and investments, transactions relating to equity and financing activities. H1 2023 14 509 (328) (144) (2 815) (4 472) 6 750 (3 564) (1 389) 1797 Change vs H1 2022 (M€) + 1 577 - 304 - 31 - 177 - 1 581 - 516 - 1 682 - 51 - 2 249 LVMH#33Gearing of 21% Net financial debt (in million of euros) O Gearing 8 230 22% 30/06/2020 4 241 33 First half 2023 results 11% 31/12/2020 15 478 36% 30/06/2021 9 607 20% 31/12/2021 Interim dividend of €5.50 to be paid on December 6, 2023. 11 117 21% 30/06/2022 9 201 16% 31/12/2022 12 465 21% 30/06/2023 LVMH#34912 03 Conclusion#352023 outlook : strenghten LVMH's worldwide leadership Confidence and optimism Continue growth momentum of our Maisons and build their desirability over the long-term 35 First half 2023 results Creativity and excellence Stay true to our values and focus on creativity, quality and distribution of our products Vigilance Maintain vigilance within current economic and geopolitical context Commitment Continue to execute on Group's commitments in support of preserving the environment and corporate responsibility Entrepreneurial spirit Build upon the entrepreneurial spirit and agility of our organization LVMH#3604 Annex A Louis Vuitton#37Organic revenue change by region and by quarter (in %) 2023 vs 2022 United States Japan Asia (excl. Japan) Europe Total LVMH 2022 vs 2021 United States Japan Asia (excl. Japan) Europe Total LVMH 37 First half 2023 results Q1 2023 + 8% + 34% + 14% + 24% + 17% Q1 2022 + 26% + 30% + 8% + 45% + 23% Q2 2023 - 1% + 29% + 34% + 19% + 17% Q2 2022 + 22% + 37% - 8% + 48% + 19% H1 2023 + 3% + 31% + 23% + 22% + 17% H1 2022 + 24% + 33% + 1% + 47% + 21% LVMH#38Organic revenue change by business group (in %) 2023 vs 2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Total LVMH 2022 vs 2021 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Total LVMH 38 First half 2023 results Q1 2023 + 3% + 18% + 10% + 11% + 28% + 17% Q1 2022 + 2% + 30% + 17% + 19% + 24% + 23% Q2 2023 8% + 21% + 16% + 14% + 25% + 17% Q2 2022 + 30% + 19% + 8% + 13% + 20% + 19% H1 2023 - 3% + 20% + 13% + 13% + 26% + 17% H1 2022 + 14% + 24% + 13% + 16% + 22% + 21% LVMH#39Revenue by business group (in million of euros) 2023 Q1 2023 Q2 2023 H1 2023 2022 Q1 2022 Q2 2022 H1 2022 Champagne & Wines 796 788 1 583 Champagne & Wines 39 First half 2023 results 706 798 1 504 Cognac & Spirits 899 699 1 597 Cognac & Spirits 932 891 1 823 Wines & Spirits 1 694 1 486 3 181 Wines & Spirits 1 638 1 689 3 327 Fashion & Leather Goods 10 728 10 434 21 162 Fashion & Leather Goods 9 123 9 013 18 136 Perfumes & Cosmetics 2 115 1 913 4 028 Perfumes & Cosmetics 1 905 1 714 3 618 Watches & Jewelry 2 589 2 839 5 427 Watches & Jewelry 2 338 2 570 4 909 As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures. Selective Retailing 3 961 4 394 8 355 Selective Retailing 3 040 3 591 6 630 Other activities & eliminations (52) 140 87 Other activities & eliminations (41) 149 109 Total 21 035 21 206 42 240 Total 18 003 18 726 36 729 LVMH