Key figures

2023 Half-year Results

  • 44.0%

    Recurring operating margin

  • 249

    M€ of operating investments

  • 1.7

    Bn€ of adjusted free cash flow

Key consolidated data

Key consolidated data
In millions of euros H1 2023


H1 2022
Growth at current exchange rates vs. n-122.3%29.2%29.3%
Growth at constant exchange rates vs. n-1(1)25.2%23.4%23.2%
Recurring operating income(2)2,9474,6972,304
As a % of revenue44.0%40.5%42.1%
Operating income2,9474,6972,304
As a % of revenue44.0%40.5%42.1%
Net profit – Group share2,2263,3671,641
As a % of revenue33.2%29.0%30.0%
Operating cash flows2,6154,1112,001
Investments (excluding financial investments)249518190
Adjusted free cash flow(3)1,7203,4051,421
Equity – Group share13,24912,44010,259
Net cash position(4)9,3269,2237,280
Restated net cash position(5)9,8489,7427,685
Workforce (number of employees)20,60719,68618,428
(1) Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period's revenue, for each currency.
(2) Recurring operating income is one of the main performance indicators monitored by the group's General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group's economic performance.
(3) Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement.
(4) The net cash position includes cash and cash equivalents on the asset side of the balance sheet, less bank overdrafts presented within the short-term borrowings and financial liabilities on the liability side of the balance sheet. It does not include lease liabilities recognised in accordance with IFRS 16.
(5) The restated net cash position corresponds to the net cash position, plus cash investments that do not meet IFRS criteria for cash equivalents as a result of their original maturity of more than three months, minus borrowings and financial liabilities.

2022 Universal Registration Document

Press release

Hermès climate commitments for a 1.5°C pathway validated by the SBTi