Core Viewpoint - LVMH reported a 5% decline in annual revenue for 2025, attributed to currency fluctuations and reduced demand in various markets amid geopolitical and economic disruptions [1][2]. Financial Performance - Annual revenue for LVMH was €80.80 billion, down 5% from the previous year [1]. - Profit from recurring operations decreased by 9% to €17.75 billion [1]. - Net profit attributable to the group fell 13% to €10.87 billion [2]. - Operating free cash flow increased by 8% to €11.33 billion [2]. - Net financial debt decreased by 26% to €6.85 billion by year-end [2]. Regional Performance - Mixed regional performance was noted, with Europe experiencing a downturn in the second half of the year, while the US saw growth driven by domestic demand [2]. - Japan's spending retreated compared to the previous year, while the rest of Asia returned to growth in the latter part of the year [3]. Division Performance - Wines and spirits saw a 5% organic revenue decline, with profit from recurring operations down 25% due to weaker cognac demand and trade tensions [3]. - Fashion and leather goods reported a 5% organic revenue decline and a 13% drop in operating profit, maintaining an operating margin of 35% [4]. - Perfumes and cosmetics had flat organic sales but an 8% rise in operating profit [4]. - Watches and jewellery achieved 3% organic growth, while selective retailing posted a 4% organic revenue increase and a 28% jump in operating profit, driven by Sephora [4]. Corporate Developments - Corporate tax payments totaled €5.5 billion for the year, with approximately half paid in France [5]. - DFS signed an agreement with China Tourism Group Duty Free to acquire its operations in Greater China, including Gallerias in Hong Kong and Macao [5]. - Despite ongoing geopolitical and macroeconomic uncertainty, LVMH expressed confidence for 2026, focusing on brand development, innovation, and investment [5].