Christian Dior : Accelerating growth in the second quarter Solid first-half results
30 AVENUE MONTAIGNE
75008 PARIS
Accelerating growth in the second quarter
Solid first-half results
- Revenue: €38.6 billion
- Profit from recurring operations: €8.7 billion
- Free cash flow: €4.1 billion
Paris, July 27, 2026
The Christian Dior group recorded revenue of €38.6 billion in the first half of 2026. The Group maintained its innovative momentum and remained very solid in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East. Growth accelerated in the second quarter, with organic revenue growth for the Group of 3% (4% excluding the impact of the conflict in the Middle East).
The United States saw growth accelerate and had a good first half of the year. Asia (excluding Japan) saw strong growth, confirming the improvement in trends observed starting in the second half of 2025. Japan posted growth for the half-year period and Europe showed good resilience.
Profit from recurring operations for the first half of 2026 came to €8.7 billion, equating to an operating margin that remained high at 22.5%. The Group net profit amounted to €6.0 billion and the Group share of net profit amounted to 2.4 billion, stable year on year.
Highlights of the first half of 2026 included the following:
- Solid results over the half-year period.
- Accelerating growth in the second quarter.
- Growth in profit from recurring operations excluding the negative currency impact.
- High level of operating margin maintained at 22.5%.
- Robust cash flow of €4.1 billion.
- Signs of recovery for Wines & Spirits.
- Gradual acceleration in Fashion & Leather Goods, which returned to organic revenue growth in the second quarter.
- Excellent performance in jewelry for Tiffany and Bvlgari.
- Sustained growth at Sephora.
Financial highlights
| In millions of euros | First-half 2025 | First-half 2026 | % Change Reported | % Change Organic |
|---|---|---|---|---|
| Revenue | 39 810 | 38 644 | -3% | +2% |
| Profit from recurring operations | 9 008 | 8 688 | -4% | |
| Net profit, Group share | 2 371 | 2 392 | +1% | |
| Operating free cash flow | 4 029 | 4 100 | +2% | |
| Net financial debt | 10 018 | 8 097 | -19% | |
| Equity | 64 418 | 67 227 | +4% |
Revenue by business group changed as follows:
| In millions of euros | First-half 2025 | First-half 2026 | % Change H1 2026 / H1 2025 Reported | % Change H1 2026 / H1 2025 Organic* | % Change Q2 2026 / Q2 2025 Organic* |
|---|---|---|---|---|---|
| Wines & Spirits | 2 588 | 2 598 | 0% | +5% | +5% |
| Fashion & Leather Goods | 19 115 | 18 146 | -5% | -1% | +1% |
| Perfumes & Cosmetics | 4 082 | 3 914 | -4% | 0% | -1% |
| Watches & Jewelry | 5 090 | 5 225 | +3% | +9% | +11% |
| Selective Retailing | 8 620 | 8 406 | -2% | +5% | +6% |
| Other activities and eliminations | 315 | 356 | - | - | - |
| Total | 39 810 | 38 644 | -3% | +2% | +3% |
* On a constant perimeter and currency basis. For the Group, the perimeter impact with respect to the first half of 2025 was -1% and the impact of exchange rate fluctuations was -5%.
Profit from recurring operations by business group changed as follows:
| In millions of euros | First-half 2025 | First-half 2026 | % Change |
|---|---|---|---|
| Wines & Spirits | 524 | 582 | +11% |
| Fashion & Leather Goods | 6 636 | 6 195 | -7% |
| Perfumes & Cosmetics | 425 | 417 | -2% |
| Watches & Jewelry | 762 | 831 | +9% |
| Selective Retailing | 876 | 893 | +2% |
| Other activities and eliminations | (215) | (231) | - |
| Total | 9 008 | 8 688 | -4% |
Wines & Spirits: Signs of recovery for champagne and cognac; ongoing cost control measures
The Wines & Spirits business group recorded organic revenue growth of 5% and profit from recurring operations up 11% in the first half of 2026. The champagne business showed encouraging signs, in particular for prestige cuvées. Moët & Chandon began its second season as the Official Champagne of Formula 1 Grand Prix races. In China, Hennessy cognac saw the positive momentum that began during Chinese New Year continue. The V.S. range of ready-to-serve cocktails was launched in the United States. Provence rosé wines continued to make good progress. In addition to rigorous cost control, brand desirability and innovation remained the business group’s core strategic priorities.
Fashion & Leather Goods: Organic growth in the second quarter
Revenue for Fashion & Leather Goods saw organic growth in the second quarter, with a rapid acceleration in the United States, despite the impact of the conflict in the Middle East. The operating margin remained very high, even though operating profit was negatively affected by currency fluctuations. Louis Vuitton celebrated the 130th anniversary of its legendary Monogram, paying tribute to its iconic bags and enriching its range with the Monogram Emblème and the historic jacquard canvas used for the Maison’s first trunks. The Maison continued to express its cultural vision through its stores, offering customers unique experiences, such as the new flagships in Beijing and Seoul, which achieved an excellent performance. Christian Dior Couture saw accelerating growth with the excellent start for Jonathan Anderson’s first designs. Inspired by a dress designed by Monsieur Dior, the Cigale bag in particular has been very well received. Highlights of the half-year period included the opening of the Bamboo Pavilion in Tokyo and a new House of Dior store in Osaka. Loro Piana, which turned in another excellent performance, presented its new Nomadic Reverie collection, illustrating the rich sensory experience and excellent craftsmanship of the Maison’s textile creations, while its range of leather goods was enriched with the Extra Softy Bag. Michael Rider at Celine, Jack McCollough and Lazaro Hernandez at Loewe, Sarah Burton at Givenchy and Maria Grazia Chiuri at Fendi continued the creative renewal of collections at their respective Maisons. Rimowa achieved strong growth in the half‑ year period. Berluti also had a good start to the year. An agreement was entered into with WHP Global for the sale of Marc Jacobs.
Perfumes & Cosmetics: Good performance by historic Maisons; ongoing selective retail approach
The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis in the first half of 2026, maintained its robust innovation policy and highly selective retail approach. The operating margin was up slightly. The Group’s historic Maisons had a good start to the year. Parfums Christian Dior performed well, buoyed by the launches of J’adore Intense and eau de parfum versions of Dior Addict. In high perfumery, new signature scents were unveiled within La Collection Privée. Good momentum in makeup – driven by Forever and Backstage in particular – also contributed to the Maison’s performance. Guerlain saw strong growth driven by its L’Art & La Matière and Aqua Allegoria fragrance collections, as well as accelerating growth in its iconic Rouge G lipstick. Parfums Givenchy focused on the development of L’Interdit. Maison Francis Kurkdjian expanded its Oud collection and Acqua di Parma celebrated its 110th anniversary.
Watches & Jewelry: Acceleration driven by growing success of iconic lines
The Watches & Jewelry business group recorded organic revenue growth of 11% in the second quarter, marking an acceleration. The operating margin was up over the half-year period. Tiffany & Co. achieved an excellent performance and continued to successfully strengthen its iconic product lines – Knot and HardWear in particular – and to renovate its store network. Natalie Portman became the Maison’s new brand ambassador. Bvlgari also achieved strong growth and unveiled a new artistic vision for high jewelry and prestige watches with Eclettica, which generated record-breaking revenue. The Serpenti collection was showcased in a new communication campaign. Chaumet continued to develop its Bee de Chaumet collection. In watches, TAG Heuer continued to enjoy a high-profile presence at Formula 1 Grand Prix races.
Selective Retailing: Sustained growth for Sephora; sale of assets by DFS
In Selective Retailing, organic revenue growth was 5% in the first half of 2026 and the margin continued to grow. Sephora recorded sustained organic growth in its revenue. The Maison saw further market share gains in many countries, consolidating its global leadership position. It continued to enrich its unique selection of brands with a number of exclusive launches, including Rhode, which was a major success in North America and the United Kingdom. The retail network continued to expand, including successful market entries in Belgium and Croatia. Le Bon Marché once again posted revenue growth, driven by its differentiation strategy and its ever-unique slate of events. DFS sold its businesses in Greater China to China Tourism Group Duty Free; an agreement was also entered into to sell the Los Angeles and San Francisco airport concessions to Duty Free Americas, and to sell DFS Okinawa to Avolta.
Outlook for 2026
Despite a geopolitical and economic environment that remains uncertain, the Christian Dior group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the exceptional quality of its products and excellence in retail.
Its exacting focus on the highest quality across all its activities, combined with the energy and unparalleled creativity of its teams, will enable the Group to reinforce its global leadership position in luxury goods once again in 2026.
An interim dividend of €6.05 will be paid on December 3, 2026.
This press release is available at www.dior-finance.com.
Limited review procedures have been carried out and the related report is in the process of being issued.
“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 Christian Dior’s Annual report which is available on the website (www.dior-finance.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 Company’s views as of the date of this document, and Christian Dior 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 the Company 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 Christian Dior or an invitation or inducement to engage in any other investment activities.”
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
APPENDIX
The condensed consolidated financial statements for the first half of 2026 are included in the PDF version of the press release.
Christian Dior – Revenue by business group and by quarter
Revenue for 2026 (in millions of euros)
| Full-year 2026 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
|---|---|---|---|---|---|---|---|
| First quarter | 1 273 | 9 247 | 2 038 | 2 443 | 4 048 | 72 | 19 121 |
| Second quarter | 1 324 | 8 899 | 1 876 | 2 782 | 4 358 | 284 | 19 524 |
| First half | 2 598 | 18 146 | 3 914 | 5 225 | 8 406 | 356 | 38 644 |
Revenue for 2026 (organic growth versus same period in 2025)
| Full-year 2026 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
|---|---|---|---|---|---|---|---|
| First quarter | +5% | -2% | 0% | +7% | +4% | - | +1% |
| Second quarter | +5% | +1% | -1% | +11% | +6% | - | +3% |
| First half | +5% | -1% | 0% | +9% | +5% | - | +2% |
Revenue for 2025 (in millions of euros)
| Full-year 2025 | Wines & Spirits | Fashion & Leather Goods | Perfumes & Cosmetics | Watches & Jewelry | Selective Retailing | Other activities and eliminations | Total |
|---|---|---|---|---|---|---|---|
| First quarter | 1 305 | 10 108 | 2 178 | 2 482 | 4 189 | 49 | 20 311 |
| Second quarter | 1 283 | 9 006 | 1 904 | 2 608 | 4 431 | 267 | 19 499 |
| First half | 2 588 | 19 115 | 4 082 | 5 090 | 8 620 | 315 | 39 810 |
As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures.
Alternative performance measures
For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, Christian Dior uses alternative performance measures established in accordance with AMF position DOC-2015-12.
The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS in the published documents.
| Performance measures | Reference to published documents |
|---|---|
| Operating free cash flow | AR (consolidated financial statements, consolidated cash flow statement) |
| Net financial debt | AR (Notes 1.22 and 19 to the consolidated financial statements) |
| Gearing | AR ( “Comments on the consolidated balance sheet”) |
| Organic growth | AR ( “Comments on the consolidated income statement”) |
AR: Annual Report as of December 31, 2025
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
1. Consolidated income statement
(EUR millions, except for earnings per share)
| June 30, 2026 | Dec. 31, 2025 | June 30, 2025 | |
|---|---|---|---|
| Revenue | 38,644 | 80,807 | 39,810 |
| Cost of sales | (12,708) | (27,279) | (13,200) |
| Gross margin | 25,936 | 53,528 | 26,611 |
| Marketing and selling expenses | (14,392) | (29,912) | (14,732) |
| General and administrative expenses | (2,880) | (5,941) | (2,893) |
| Income/(loss) from joint ventures and associates | 23 | 75 | 23 |
| Profit from recurring operations | 8,688 | 17,750 | 9,008 |
| Other operating income and expenses | 23 | (656) | (14) |
| Operating profit | 8,711 | 17,094 | 8,994 |
| Cost of net financial debt | (190) | (345) | (209) |
| Interest on lease liabilities | (261) | (553) | (278) |
| Other financial income and expenses | 338 | 503 | 60 |
| Net financial income/(expense) | (112) | (395) | (428) |
| Income taxes | (2,606) | (5,532) | (2,682) |
| Net profit before minority interests | 5,992 | 11,167 | 5,884 |
| Minority interests | 3,600 | 6,636 | 3,513 |
| Net profit, Group share | 2,392 | 4,531 | 2,371 |
| Basic Group share of net earnings per share (EUR) | 13.26 | 25.12 | 13.14 |
| Number of shares on which the calculation is based | 180,410,580 | 180,410,580 | 180,410,580 |
| Diluted Group share of net earnings per share (EUR) | 13.25 | 25.11 | 13.13 |
| Number of shares on which the calculation is based | 180,410,580 | 180,410,580 | 180,410,580 |
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
2. Consolidated statement of comprehensive gains and losses
(EUR millions)
| June 30, 2026 | Dec. 31, 2025 | June 30, 2025 | |
|---|---|---|---|
| Net profit before minority interests | 5,992 | 11,167 | 5,884 |
| Translation adjustments | 847 | (3,480) | (3,213) |
| Amounts transferred to income statement | 1 | 6 | 1 |
| Tax impact | - | - | - |
| 848 | (3,474) | (3,212) | |
| Change in value of hedges of future foreign currency cash flows | (141) | 789 | 611 |
| Amounts transferred to income statement | (332) | (298) | (41) |
| Tax impact | 104 | (120) | (139) |
| (370) | 371 | 431 | |
| Change in value of the ineffective portion of hedging instruments (including cost of hedging) | (167) | (62) | 66 |
| Amounts transferred to income statement | 91 | 194 | 107 |
| Tax impact | 17 | (32) | (42) |
| (58) | 101 | 131 | |
| Gains and losses recognized in equity, transferable to income statement | 420 | (3,002) | (2,650) |
| Change in value of vineyard land | (1) | 21 | (1) |
| Amounts transferred to consolidated reserves | - | - | - |
| Tax impact | - | (7) | - |
| (1) | 14 | (1) | |
| Employee benefit obligations: change in value resulting from actuarial gains and losses | 89 | 27 | (2) |
| Tax impact | (21) | (6) | - |
| 68 | 21 | (2) | |
| Change in value of non‑current available for sale financial assets | (63) | 44 | (67) |
| Tax impact | 1 | (1) | - |
| (62) | 43 | (67) | |
| Gains and losses recognized in equity, not transferable to income statement | 4 | 77 | (69) |
| Gains and losses recognized in equity | 424 | (2,926) | (2,719) |
| Comprehensive income | 6,415 | 8,241 | 3,165 |
| Minority interests | 3,855 | 4,891 | 1,893 |
| Comprehensive income, Group share | 2,560 | 3,350 | 1,272 |
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
3. Consolidated balance sheet
Assets
(EUR millions)
| June 30, 2026 | Dec. 31, 2025 | June 30, 2025 | |
|---|---|---|---|
| Brands and other intangible assets | 22,469 | 22,267 | 24,180 |
| Goodwill | 17,031 | 16,784 | 16,835 |
| Property, plant and equipment | 29,785 | 29,106 | 28,774 |
| Right‑of‑use assets | 14,981 | 14,854 | 15,718 |
| Investments in joint ventures and associates | 1,225 | 1,214 | 1,259 |
| Non‑current available for sale financial assets | 1,967 | 1,891 | 1,640 |
| Other non‑current assets | 977 | 983 | 1,150 |
| Deferred tax | 3,837 | 3,738 | 4,092 |
| Non‑current assets | 92,272 | 90,837 | 93,648 |
| Inventories and work in progress | 24,184 | 22,659 | 23,090 |
| Trade accounts receivable | 3,941 | 4,332 | 4,257 |
| Income taxes | 595 | 759 | 583 |
| Other current assets | 3,480 | 4,132 | 4,638 |
| Current available for sale financial assets | 5,458 | 4,769 | 4,219 |
| Assets held for sale | 2,074 | 2,796 | - |
| Cash and cash equivalents | 6,906 | 8,941 | 8,287 |
| Current assets | 46,637 | 48,388 | 45,072 |
| Total assets | 138,910 | 139,225 | 138,720 |
Liabilities and equity
(EUR millions)
| June 30, 2026 | Dec. 31, 2025 | June 30, 2025 | |
|---|---|---|---|
| Equity, Group share | 24,966 | 24,527 | 23,583 |
| Minority interests | 42,261 | 42,010 | 40,835 |
| Equity | 67,227 | 66,537 | 64,418 |
| Long‑term borrowings | 13,041 | 12,418 | 12,454 |
| Non‑current lease liabilities | 13,509 | 13,384 | 14,128 |
| Non‑current provisions and other liabilities | 3,462 | 3,524 | 3,473 |
| Deferred tax | 6,729 | 6,600 | 6,778 |
| Purchase commitments for minority interests’ shares | 6,416 | 6,331 | 7,015 |
| Non‑current liabilities | 43,158 | 42,258 | 43,848 |
| Short‑term borrowings | 7,458 | 7,940 | 9,942 |
| Current lease liabilities | 2,752 | 2,634 | 2,784 |
| Trade accounts payable | 7,906 | 8,222 | 7,736 |
| Income taxes | 1,413 | 828 | 1,196 |
| Current provisions and other liabilities | 7,970 | 9,190 | 8,797 |
| Liabilities held for sale | 1,025 | 1,616 | - |
| Current liabilities | 28,525 | 30,430 | 30,454 |
| Total liabilities and equity | 138,910 | 139,225 | 138,720 |
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
4. Consolidated statement of changes in equity
(EUR millions)
| Number of shares | Share capital | Share premium account | Christian Dior treasury shares | Cumulative translation adjustment | Revaluation reserves Available for sale financial assets | Revaluation reserves Hedges of future foreign currency cash flows and cost of hedging | Revaluation reserves Vineyard land | Revaluation reserves Employee benefit obligations | Net profit and other reserves | Total equity Group share | Minority interests | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 180,507,516 | 361 | 194 | (17) | 1,223 | - | (67) | 491 | 103 | 22,006 | 24,294 | 42,558 | 66,852 |
| Gains and losses recognized in equity | (1,402) | 18 | 189 | 6 | 8 | - | (1,181) | (1,745) | (2,926) | |||
| Net profit | 4,531 | 4,531 | 6,636 | 11,167 | ||||||||
| Comprehensive income | (1,402) | 18 | 189 | 6 | 8 | 4,531 | 3,350 | 4,891 | 8,241 | |||
| Bonus share plan‑related expenses | 67 | 67 | 98 | 165 | ||||||||
| (Acquisition)/disposal of Christian Dior shares | - | - | - | |||||||||
| Capital increase in subsidiaries | 13 | 13 | 13 | |||||||||
| Interim and final dividends paid | (2,445) | (2,445) | (4,152) | (6,597) | ||||||||
| Changes in control of consolidated entities | - | - | (2) | (2) | ||||||||
| (Acquisition)/ disposal of minority interests’ shares | 10 | 4 | 1 | (666) | (652) | |||||||
| Purchase commitments for minority interests’ shares | (87) | (87) | (207) | (294) | ||||||||
| As of Dec. 31, 2025 180,507,516 | 361 | 194 | (17) | (169) | 18 | 121 | 501 | 112 | 23,406 | 24,527 | 42,010 | 66,537 |
| Gains and losses recognized in equity | 343 | (27) | (176) | - | 28 | - | 169 | 255 | 424 | |||
| Net profit | 2,392 | 2,392 | 3,600 | 5,992 | ||||||||
| Comprehensive income | 343 | (27) | (176) | - | 28 | 2,392 | 2,560 | 3,855 | 6,415 | |||
| Bonus share plan‑related expenses | 42 | 42 | 59 | 101 | ||||||||
| (Acquisition)/disposal of Christian Dior shares | - | - | - | |||||||||
| Capital increase in subsidiaries | 19 | 19 | 19 | |||||||||
| Interim and final dividends paid | (1,488) | (1,488) | (2,346) | (3,834) | ||||||||
| Changes in control of consolidated entities | 20 | 20 | 20 | |||||||||
| (Acquisition)/ disposal of minority interests’ shares | (1) | 1 | 4 | (594) | (589) | |||||||
| Purchase commitments for minority interests’ shares | (86) | (86) | (166) | (252) | ||||||||
| As ofjune 30, 2026 180,507,516 | 361 | 194 | (17) | 173 | (9) | (54) | 505 | 141 | 23,672 | 24,966 | 42,261 | 67,227 |
| As of Dec. 31, 2024 180,507,516 | 361 | 194 | (17) | 1,223 | - | (67) | 491 | 103 | 22,006 | 24,294 | 42,558 | 66,852 |
| Gains and losses recognized in equity | (1,293) | (28) | 223 | - | (1) | - | (1,099) | (1,620) | (2,719) | |||
| Net profit | 2,371 | 2,371 | 3,513 | 5,884 | ||||||||
| Comprehensive income | (1,293) | (28) | 223 | - | (1) | 2,371 | 1,272 | 1,893 | 3,165 | |||
| Bonus share plan‑related expenses | 29 | 29 | 42 | 71 | ||||||||
| (Acquisition)/disposal of Christian Dior shares | - | - | - | |||||||||
| Capital increase in subsidiaries | 2 | 2 | 2 | |||||||||
| Interim and final dividends paid | (1,353) | (1,353) | (2,395) | (3,748) | ||||||||
| Changes in control of consolidated entities | - | - | - | - | ||||||||
| (Acquisition)/ disposal of minority interests’ shares | 10 | (1) | 5 | (703) | (689) | |||||||
| Purchase commitments for minority interests’ shares | 29 | 29 | (15) | 14 | ||||||||
| As ofjune 30, 2025 180,507,516 | 361 | 194 | (17) | (60) | (28) | 155 | 496 | 103 | 22,379 | 23,583 | 40,835 | 64,418 |
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.
5. Consolidated cash flow statement
(EUR millions)
| June 30, 2026 | Dec. 31, 2025 | June 30, 2025 | |
|---|---|---|---|
| I. OPERATING ACTIVITIES | |||
| Operating profit | 8,711 | 17,094 | 8,994 |
| (Income)/loss and dividends received from joint ventures and associates | (17) | 13 | (9) |
| Net increase in depreciation, amortization and provisions | 1,766 | 4,856 | 1,865 |
| Depreciation of right-of-use assets | 1,550 | 3,143 | 1,595 |
| Other adjustments and computed expenses | 40 | (172) | (163) |
| Cash from operations before changes in working capital | 12,051 | 24,934 | 12,283 |
| Cost of net financial debt: interest paid | (137) | (287) | (103) |
| Lease liabilities: interest paid | (252) | (545) | (269) |
| Tax paid | (1,569) | (4,665) | (2,044) |
| Change in working capital | (2,446) | (576) | (1,989) |
| Net cash from/(used in) operating activities | 7,647 | 18,860 | 7,878 |
| II. INVESTING ACTIVITIES | |||
| Operating investments | (2,061) | (4,567) | (2,360) |
| Purchase and proceeds from sale of consolidated investments | 326 | 149 | 21 |
| Dividends received | 1 | 21 | 1 |
| Tax paid related to non-current available for sale financial assets and consolidated investments | - | - | - |
| Purchase and proceeds from sale of non-current available for sale financial assets | (68) | (243) | (114) |
| Net cash from/(used in) investing activities | (1,802) | (4,640) | (2,452) |
| III. FINANCING ACTIVITIES | |||
| Interim and final dividends paid | (3,922) | (6,878) | (3,860) |
| Purchase and proceeds from sale of minority interests | (2,120) | (2,945) | (1,522) |
| Other equity-related transactions | 19 | 6 | 2 |
| Proceeds from borrowings | 1,917 | 2,095 | 2,319 |
| Repayment of borrowings | (1,816) | (4,228) | (2,290) |
| Repayment of lease liabilities | (1,486) | (2,974) | (1,489) |
| Purchase and proceeds from sale of current available for sale financial assets | (300) | 59 | 59 |
| Net cash from/(used in)financing activities | (7,707) | (14,865) | (6,781) |
| IV. EFFECT OF EXCHANGE RATE CHANGES | 36 | (248) | (117) |
| Net increase (decrease) in cash and cash equivalents (I+II+III+IV) | (1,826) | (892) | (1,473) |
| Cash and cash equivalents at beginning of period | 8,507 | 9,399 | 9,399 |
| Cash and cash equivalents at end of period | 6,681 | 8,507 | 7,926 |
| Total tax paid | (1,697) | (4,946) | (2,177) |
Alternative performance measure
The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the periods presented:
| June 30, 2026 | Dec. 31, 2025 | June 30, 2025 | |
|---|---|---|---|
| Net cash from operating activities | 7,647 | 18,860 | 7,878 |
| Operating investments | (2,061) | (4,567) | (2,360) |
| Repayment of lease liabilities | (1,486) | (2,974) | (1,489) |
| Operating free cash flow (a) | 4,100 | 11,319 | 4,029 |
(a) Under IFRS 16, fixed lease payments are treated partly as interest payments and partly as principal repayments. For its own operational management purposes, the Group treats all lease payments as components of its“Operating free cash flow”, whether the lease payments made are fixed or variable. In addition, for its own operational management purposes, the Group treats operating investments as components of its “Operating free cash flow”.
This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.