The Cognac and champagne categories have been in decline for two years. LVMH’s H1 2026 results are the first clear evidence that is changing

LVMH Moët Hennessy Louis Vuitton published H1 2026 results on 27 July 2026. For the group, revenue was €38.6 billion and organic growth was 2%, with acceleration in Q2 to 3% organic. The Wines & Spirits division – which encompasses Hennessy cognac, Moët & Chandon, Dom Pérignon, Ruinart, Veuve Clicquot, Krug, Glenmorangie, Ardbeg, Belvedere Vodka, and Château d’Yquem among others – reported revenue of €2,598 million, organic growth of 5%, and profit from recurring operations up 11% to €582 million with an operating margin of 22.4%. These are the strongest Wines & Spirits figures since before the downturn that began in late 2022.

The significance of these numbers requires context. In Q1 2025, LVMH’s Wines & Spirits division fell 17% organically – the steepest single-quarter decline of the cycle. For the full year 2025, the division fell 5% organically. The H1 2026 recovery to +5% organic represents a 22 percentage point swing in the organic growth rate from the worst quarter to the current one. That is not a marginal improvement. It is a structural reversal – driven by two specific dynamics that the results identify precisely.

The Champagne recovery and what prestige cuvées specifically confirm

Champagne & Wines reported revenue of €1,424 million in H1 2026 – organic growth of 7%. The LVMH results describe “signs of recovery in champagne, particularly in Europe and Japan” and specifically call out “good performance by prestige cuvées.” The prestige cuvée callout is commercially specific and worth reading carefully.