Hermès International (RMS) AGM 2025 summary

Opening remarks and agenda

• The Combined General Meeting was held at Salle Pleyel on 30 April 2025, introducing Supervisory Board members and candidates, confirming legal quorum, and outlining the agenda.

• Tellers and session reporter were appointed, and statutory auditors and Economic and Social Committee representatives were acknowledged.

• The meeting was filmed, recorded, streamed online, and all required documents were distributed to participants.

Financial performance review

• 2024 revenue reached EUR 15.2 billion, up 15% at constant rates, with net income group share at EUR 4.6 billion (+7%).

• Recurring operating income was EUR 6.2 billion (+9%), with recurring operating profitability at 40.5% and net profitability at 30.3%.

• Gross margin improved to 73%, and operating cash flow reached EUR 5.4 billion, with a closing net cash position of EUR 12 billion.

• All regions posted double-digit growth, with France +13%, Europe +19%, Japan +23%, and the Middle East +110%.

• Leather goods led division growth (+18%), followed by clothing/accessories (+15%), silk/textiles (+4%), perfume/beauty (+9%), jewelry/maison (+17%), while watches declined (-4%).

Board and executive committee updates

• New board candidates Cécile Beliot-Zindel, Jean-Laurent Bonafé, and Bernard Émié were introduced and elected as independent Supervisory Board members.

• Alexandre Viros and Dominique Sénéquier stepped down; Sénéquier's departure followed a 12-year term cap.

• Board diversity and complementary expertise were emphasized, with new appointments to risk, audit, and CSR committees.

• Three Supervisory Board members were re-elected for three years.