Prada S.p.a. · HKEX:1913
Prada — Prada Spa Ord — FY2025 Earnings Presentation
30 slides from Prada's earnings presentation, Mar 5, 2026
Slide 1: FY-25 Results Presentation
FY-25 Results Presentation Milan, March 5th 2026 1 March 5th 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document is for information purposes only and does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This document
Slide 3: Today's Speakers
Today’s Speakers Andrea Guerra Lorenzo Bertelli Andrea Bonini Group CEO Group CMO Group CFO Group Head of CSR Versace Executive Chairman 3 March 5th 2026
Slide 4: Agenda
Agenda Highlights and Business Update Andrea Guerra Key Marketing Initiatives and ESG Update Lorenzo Bertelli FY-25 Financial Review Andrea Bonini Versace: Strategic Priorities and Financial Considerations Lorenzo Bertelli and Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 4 March 5th 2026
Slide 5: A year of sound results and strategic evolution
A year of sound results and strategic evolution Solid organic growth against challenging environment Retail Sales growth +8% and high comps throughout the year on +18% in FY-24 Enduring relevance driving resilient performance at Prada -1%, positive in Q4 Prada and robust growth at Miu Miu Miu Miu +3
Slide 6: Prada Group
Prada Group • Net Revenues of € 5.7bn, + € 1.5bn in last 3 years - We have achieved more meaningful scale - Well invested retail network, industrial backbone and IT infrastructure - Stronger organisation • Solid year as the Group further reinforces the strategic foundations - Operating in what we ca
Slide 7: Agenda
Agenda Highlights and Business Update Andrea Guerra Key Marketing Initiatives and ESG Update Lorenzo Bertelli FY-25 Financial Review Andrea Bonini Versace: Strategic Priorities and Financial Considerations Lorenzo Bertelli and Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 7 March 5th 2026
Slide 8: Prada
Prada Trend-setting creativity and elevated brand experience Authentic creativity translated into highly One-of-a-kind hospitality, retail spaces and Influential cultural initiatives continued to impactful fashion shows and campaigns partnerships enriched Prada’s multifaceted resonate in the contemp
Slide 9: Miu Miu
Miu Miu Strong desirability and cultural positioning Enduring desirability underpinned Special projects engaged and inspired the Events and activations, matched by by vibrant creativity brand’s ever-growing community innovative retail concepts, offered an immersive brand experience • Miu Miu maintai
Slide 10: On a path to deliver on sustainability commitments
On a path to deliver on sustainability commitments for PLANET for PEOPLE for CULTURE • Investments in green energy enabled the Group • 45% of women in top and senior leadership • Launched several initiatives to raise awareness on to significantly exceed its approved science- position sea conservatio
Slide 11: Agenda
Agenda Highlights and Business Update Andrea Guerra Key Marketing Initiatives and ESG Update Lorenzo Bertelli FY-25 Financial Review Andrea Bonini Versace: Strategic Priorities and Financial Considerations Lorenzo Bertelli and Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 11 March 5th 2026
Slide 12: Key Financials
Key Financials Sound profitability and healthy balance sheet FY-25 Net Revenues FY-25 EBIT FY-25 Cash Flow from Operations €5,718 mln €1,324 mln €1,674 mln +5% reported / +9% at constant fx (1) / +8% organic (2) Retail Sales (€ mln) and organic growth (%) (2) EBIT / EBIT Adj. (3) (€ mln) and margin
Slide 13: Net Revenues by Channel
Net Revenues by Channel High-quality Retail growth Royalties € mln FY-25 FY-25 Q4-25 Q4-25 3% Wholesale % at vs. vs. vs. vs. 8% FY-24 FY-25 constant fx FY-24 FY-24 Q4-24 Q4-24 (organic) (organic) Retail 4,849 5,102 +9% +8% +9% +6% Wholesale 461 471 +4% +3% +4% -1% Royalties 122 145 +19% +14% +42% +2
Slide 14: Retail Sales by Brand
Retail Sales by Brand Good resilience at Prada, improving in H2; sustained growth for Miu Miu € mln Church's, FY-25 vs. Q4-25 vs. Versace, 1% Other, 1% % at constant fx FY-24 FY-25 1% FY-24 Q4-24 Prada 3,563 3,393 -1% +0% Miu Miu 1,228 1,595 +35% +20% Miu Miu, 31% Versace - 51 n.a. n.a. Church’s 32
Slide 15: Retail Sales by Geography
Retail Sales by Geography Growth across all regions Middle East € mln 5% FY-25 vs. Q4-25 vs. % at constant FY-25 vs. Q4-25 vs. FY-24 FY-25 FY-24 Q4-24 fx FY-24 Q4-24 (organic) (organic) Japan Asia Pacific 1,604 1,699 +11% +10% +12% +9% 13% Asia Europe 1,532 1,563 +5% +4% +1% -2% Pacific 33% Americas
Slide 16: Profitability
Profitability Solid margins in context of significant investments and FX headwinds € mln FY-24 % on Net FY-25 % on Net FY-25 Revenues Revenues vs. FY-24 Gross Margin 4,337 79.8% 4,592 80.3% +6% Selling 2,083 38.3% 2,206 38.6% +6% Advertising and Comm. 473 8.7% 537 9.4% +14% Product Design and Dev. 1
Slide 17: Capex
Capex Continuing to reinforce the business with a long-term mindset € mln 617 Real Estate 83 Industrial, IT and Corporate 493 31 Retail 214 138 324 321 F Y-2 4 FY-2 5 ▪ Enhancement of store presence with controlled new openings and enlargements at both Prada and Miu Miu ▪ Continuous focus on strengt
Slide 18: Net Operating Working Capital
Net Operating Working Capital Further improvement over Net Sales on an organic basis 899 753 € mln Trade Receivables 808 Inventory 468 Trade Payables 424 1,059 866 -482 -628 14% 215% 024 16% 2 0 2 5 organic % of Net Sales (1) ▪ Effective working capital management, with underlying inventory and over
Slide 19: Net Financial Position
Net Financial Position Healthy Balance Sheet with Net Debt Position of €466 mln € mln Opening Net Financial Position Surplus / (Deficit) - 31/12/2024 600 Consolidated Profit / (Loss) before taxation 1,201 Depreciation and Amortisation 335 Net Working Capital 14 Tax paid -386 Capital Expenditures and
Slide 20: Agenda
Agenda Highlights and Business Update Andrea Guerra Key Marketing Initiatives and ESG Update Lorenzo Bertelli FY-25 Financial Review Andrea Bonini Versace: Strategic Priorities and Financial Considerations Lorenzo Bertelli and Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 20 March 5th 2026
Slide 21: Versace: Where heritage meets potential
Versace: Where heritage meets potential Global fashion house with remarkable and longstanding awareness Unique and distinctive aesthetics epitome of bold elegance, glamour and modern pop-culture; highly complementary to Prada Group’s existing brands Resonating across nationalities, demographics and
Slide 22: Versace: Key strategic priorities
Versace: Key strategic priorities 2026 2027 and beyond • Laying the foundations for new creative vision • Leverage awareness, build desirability • Appointed Pieter Mulier as Chief Creative Officer • First Pieter Mulier’s collection, showcasing new effective July 1st aesthetics and identity rooted in
Slide 23: Versace financial considerations: Navigating the transition
Versace financial considerations: Navigating the transition Revenues (€ mln) EBIT (€ mln) Full Year Consolidation FY-25 FY-26 FY-25 FY-26 • Effect of initial actions on channel repositioning • Accounting effects (e.g. IFRS transition, lease recalculation) • Navigating creative leadership transition
Slide 24: Versace financial considerations: Impacts on Prada Group in FY-26
Versace financial considerations: Impacts on Prada Group in FY-26 Net Revenues (€ mln) 1-month consolidation 12-month consolidation ▪ Ambition to deliver solid, sustainable organic growth at Prada, Miu Miu and Group level 5,718 ▪ Full year contribution of Versace vs. 1-month consolidation in FY-25 ▪
Slide 25: Agenda
Agenda Highlights and Business Update Andrea Guerra Key Marketing Initiatives and ESG Update Lorenzo Bertelli FY-25 Financial Review Andrea Bonini Versace: Strategic Priorities and Financial Considerations Lorenzo Bertelli and Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 25 March 5th 2026
Slide 26: Closing Remarks
Closing Remarks • Solid performance in FY-25, delivered against challenging comps throughout the year • Starting to emerge what “new normal” looks like • Against this backdrop, we confirm our priorities, raising the bar: - Foster creativity, pursuing authenticity and emotions - Drive Prada to full p
Slide 27: Agenda
Agenda Highlights and Business Update Andrea Guerra Key Marketing Initiatives and ESG Update Lorenzo Bertelli FY-25 Financial Review Andrea Bonini Versace: Strategic Priorities and Financial Considerations Lorenzo Bertelli and Andrea Bonini Closing Remarks Andrea Guerra Q&A Session 27 March 5th 2026
Slide 28: Appendix
APPENDIX PRADA Group 28 March 5t 2026
Slide 29: Condensed P&L
Condensed P&L € mln FY-24 FY-25 Net revenues 5,432 100% 5,718 100% COGS -1,095 -20.2% -1,125 -19.7% Gross profit 4,337 79.8% 4,592 80.3% Selling -2,083 -38.3% -2,206 -38.6% Advertising and communication -473 -8.7% -537 -9.4% Product design and development -158 -2.9% -160 -2.8% G&A -343 -6.3% -365 -6
Slide 30: Condensed Balance Sheet
Condensed Balance Sheet € mln 31 Dec 2024 31 Dec 2025 Right of use 2,279 2,984 Non current assets (excl deferred tax assets) 3,261 4,553 Net operating working capital 808 899 Other current assets / (liabilities), net -384 -354 Other non current assets / (liabilities), net 166 142 Net invested capita