Exhibit 99.2 THIRD QUARTER 2025 FINANCIAL RESULTS AND SHAREHOLDER LETTER RH REPORTS THIRD QUARTER 2025 REVENUES INCREASED 9%, NET INCOME INCREASED 9% AND FREE CASH FLOW OF $83M THIRD QUARTER 2025 HIGHLIGHTS GAAP Net Revenues Increased 9% to $884M GAAP Net Income Increased 9% to $36M GAAP Operating Margin of 12.0%, Adjusted Operating Margin of 11.6% EBITDA Margin of 16.2%, Adjusted EBITDA Margin of 17.6% Free Cash Flow of $83M Please see the tables below for reconciliations of all GAAP to non-GAAP measures r ...

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CORTE MADERA, Calif.--(BUSINESS WIRE)--RH (NYSE: RH) has released its financial results for the third quarter ended November 1, 2025, in a shareholder letter from Chairman and Chief Executive Officer Gary Friedman, available on the Investor Relations section of its website at ir.rh.com. As previously announced, RH leadership will host a live conference call and audio webcast at 2:00 pm Pacific Time (5:00 pm Eastern Time) today. The live conference call may be accessed by dialing 800.715.9871 or. ...

Core Viewpoint - RH, a luxury home furnishings company, is focusing on gallery expansion and maintaining a premium market position to drive revenue growth despite challenges in the U.S. housing market [3][6]. Financial Performance - RH is set to release its quarterly earnings on December 11, 2025, with an anticipated earnings per share (EPS) of $2.13 and projected revenue of approximately $884 million [2][6]. - In the previous quarter, RH's adjusted EPS and net revenues fell short of the Zacks Consensus Estimate by 8.2% and 0.7%, respectively, but both metrics showed significant year-over-year growth, with EPS increasing by 73.4% and net revenues by 8.3% [2][4]. Market Position and Strategy - The company is enhancing its international brand presence with successful openings in Europe and plans for further expansion in London and Milan by 2026 [3]. - Maintaining a premium market position is crucial for sustaining growth in a competitive market [3][6]. Challenges - RH faces pressures on its fiscal third-quarter margins due to elevated tariffs, weak housing demand, and increased marketing investments [4][6]. - Historically, RH has exceeded earnings expectations in only one of the last four quarters, indicating challenges in consistently meeting market expectations [4]. Valuation Metrics - RH has a price-to-earnings (P/E) ratio of approximately 27.72, a price-to-sales ratio of about 0.89, and an enterprise value to sales ratio of around 1.25 [5]. - The enterprise value to operating cash flow ratio is approximately 23.97, and the earnings yield is about 3.61% [5]. - The company's debt-to-equity ratio is notably negative at -30.46, and it maintains a current ratio of approximately 1.26, indicating its ability to cover short-term liabilities with short-term assets [5].

Core Insights - RH, formerly known as Restoration Hardware, is set to report its third-quarter fiscal 2025 results on December 11, with previous quarter results showing adjusted EPS and net revenues missed estimates by 8.2% and 0.7%, respectively, but grew year-over-year by 73.4% and 8.3% [1][2] Earnings Performance - RH's earnings have topped consensus estimates in one of the last four quarters, with the average surprise being -0.14 [2][3] - The Zacks Consensus Estimate for fiscal third-quarter EPS is $2.13, indicating a decline from the year-ago EPS of $2.48, while net revenues are expected to reach $883 million, reflecting an 8.8% year-over-year increase [3][4] Revenue and Growth Expectations - For fiscal 2025, RH anticipates a 10% increase in net revenues and a 68.5% growth in its bottom line [4] - The current quarter's revenue growth is expected to be between 8% and 10% year-over-year, with adjusted operating margins projected to decline to 12-13% from 15% in the previous year [15] Market Trends and Expansion - RH operates in the luxury home furnishing market, which is experiencing resilience despite a depressed housing market, driven by demand for high-end furnishings [6][8] - The company is expanding its gallery format and premium positioning, with strong openings in Europe and plans for further expansion in London and Milan by 2026 [7][9] Sourcing and Production Strategy - RH is reducing its reliance on China for sourcing, expecting to decrease receipts from 16% to 2% by the fiscal fourth quarter, while increasing domestic production, particularly in upholstered furniture [11][12] - By the end of fiscal 2025, approximately 52% of upholstery will be produced in North Carolina, with additional production in Italy and Mexico [11] Challenges and Market Conditions - The company faces challenges from tariffs, a weak housing market, and macroeconomic uncertainties, which are impacting demand and increasing costs [13][14] - RH is investing heavily in market-share capture and promotional activities, which are affecting margins, alongside start-up costs from international expansion [14] Valuation and Stock Performance - RH stock is currently trading at a forward P/E ratio of 12.43, which is lower than competitors like Williams-Sonoma and Arhaus [20] - Despite the attractive valuation, RH has underperformed compared to peers in the past three months, reflecting broader market challenges [18][19] Investment Outlook - The company is balancing long-term growth opportunities with near-term pressures, supported by strong demand for luxury home furnishings and international expansion efforts [21] - However, ongoing macroeconomic headwinds and execution risks suggest a cautious approach for new investors, while existing investors may consider retaining their positions [24]

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Core Viewpoint - CRH Cement (CRH.US) shares rose over 6% in pre-market trading, reaching $127.33, following the announcement that the company will be included in the S&P 500 index during the quarterly adjustment at the end of December [1] Group 1 - CRH Cement's stock performance increased significantly, indicating positive market sentiment [1] - The inclusion in the S&P 500 index is a notable event that may enhance the company's visibility and attract more investors [1]

Group 1 - CRH Cement (CRH.US) saw a pre-market increase of over 6%, reaching $127.33 [1] - The company will be included in the S&P 500 index, with the adjustment taking place at the end of December [1]

Core Viewpoint - The luxury home goods retailer RH has faced significant revenue declines due to a sluggish housing market, resulting in a stock price drop of over 50% in the last five years, contrasting with the S&P 500's 87% increase [1][4]. Group 1: Company Performance - RH's revenue peaked at $1 billion in Q3 2021 but fell to $727 million by fiscal Q1 2024, although a modest recovery to $899 million was noted in the most recent quarter [4]. - The stock is down 58% year to date, influenced by uncertainties around tariffs and competition, leading to reduced profit visibility [5]. - The operating profit margin has decreased from over 20% before the downturn to just 12% on a trailing-12-month basis [5]. Group 2: Market Conditions and Opportunities - With the Federal Reserve expected to lower interest rates, it may be an opportune time to invest in stocks like RH that could benefit from a housing market recovery [2]. - RH is expanding internationally, particularly in Europe, where demand in England has surged by 76% in the recent quarter, indicating potential for future growth [7]. - The company is managing selling prices to counteract higher tariff costs, which is expected to stabilize margins, with analysts predicting a return to nearly 20% operating margin by fiscal 2030 [8]. Group 3: Investment Potential - The stock is currently trading at a forward price-to-earnings ratio of 12.8, suggesting potential for significant returns over the next five years, especially with projected 46% compound annual growth in adjusted earnings per share [8]. - Despite recent underperformance, RH's brand and long-term growth potential remain intact, presenting a buying opportunity for long-term investors [6].