Prada S.p.a. · HKEX:1913
Prada — Prada Spa Ord — H1 2025 Earnings Presentation
25 slides from Prada's earnings presentation, Jul 30, 2025
Slide 1: H1-25 Results Presentation
H1-25 Results Presentation Milan, July 30th 2025 1 July 30th 2025
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: Agenda
Agenda Andrea Guerra – Group CEO Highlights and Business Update Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Bonini - Group CFO H1-25 Financial Review Andrea Guerra - Group CEO Closing Remarks Q&A Session 3 July 30th 2025
Slide 4: Solid H1-25 with Group Retail Sales +10% and steady profitability
Solid H1-25 with Group Retail Sales +10% and steady profitability Growth underpinned by Resilient performance for Sound profitability Balancing prudence high desirability and Prada; Miu Miu coupled with higher with long-term creative dynamism maintaining sustained investments mindset growth trajecto
Slide 5: Prada
Prada • Resilient performance against high comps • Prada continued to captivate the audience offering a polyhedric take on contemporary society • Well balanced product category mix: - Enhancement of icons, with signature Re-Nylon reinforcing the brand’s distinctive aesthetic codes through new and en
Slide 6: Miu Miu
Miu Miu • High desirability underpinned by strong DNA and product innovation • With its unconventional aesthetic Miu Miu continued to explore femininity in all its form, nurturing a constant, multidisciplinary dialogue with its community • Widespread appreciation across all categories and geographie
Slide 7: Agenda
Agenda Andrea Guerra – Group CEO Highlights and Business Update Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Bonini - Group CFO H1-25 Financial Review Andrea Guerra - Group CEO Closing Remarks Q&A Session 7 July 30th 2025
Slide 8: Prada: Strong cultural relevance and elevated customer experience
Prada Strong cultural relevance and elevated customer experience Fashion shows and campaigns Events and activations nurtured New exclusive venues elevated showcased the brand’s creativity layered and engaging dialogue the brand experience • Successful Menswear and Womenswear fashion • Signature even
Slide 9: Miu Miu: Enduring brand power
Miu Miu Enduring brand power Powerful fashions shows and evocative Signature events formats cemented Special Projects and impactful campaigns celebrated Miu Miu’s aesthetic the brand’s cultural relevance collaborations amplified the brand reach • Strong reception of FW25 fashion show, as the • Secon
Slide 10: ESG: Ongoing focus on key areas
ESG Ongoing focus on key areas for PLANET for PEOPLE for CULTURE • Raw materials conversion plan to lower impact • DE&I roadmap with global population fully engaged • Opening of the SEA BEYOND Ocean Literacy Centre alternatives thanks to several initiatives such as quarterly WW in Venice, the first
Slide 11: Agenda
Agenda Andrea Guerra – Group CEO Highlights and Business Update Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Bonini - Group CFO H1-25 Financial Review Andrea Guerra - Group CEO Closing Remarks Q&A Session 11 July 30th 2025
Slide 12: Key Financials
Key Financials Solid P&L and healthy balance sheet H1-25 Net Revenues H1-25 EBIT H1-25 Cash Flow from Operations €2,740 mln (+8% vs. H1-24 / +9% at constant fx) €619 mln €696 mln Retail Sales (€ mln) and growth (%) (1) EBIT / EBIT Adj. (2) (€ mln) and margin (%) Cash Flow from Operations (3) and Net
Slide 13: Net Revenues by Channel
Net Revenues by Channel High-quality Retail growth Royalties 2% € mln H1-25 Q2-25 Wholesale % at constant fx 8% H1-24 H1-25 vs. vs. H1-24 Q2-24 Retail 2,263 2,453 +10% +8% Wholesale 225 220 -1% -7% Royalties 61 67 +10% +7% Retail 90% Total 2,549 2,740 +9% +6% • Solid Retail performance driven by lik
Slide 14: Retail Sales by Brand
Retail Sales by Brand Prada resilient, Miu Miu maintaining sustained growth trajectory € mln H1-25 Q2-25 % at constant fx Church's Other H1-24 H1-25 vs. vs. 1% 0% H1-24 Q2-24 Prada 1,708 1,647 -2% -4% Miu Miu 530 780 +49% +40% Miu Miu 32% Church’s 15 15 +4% +6% Prada 67% Other (1) 10 11 +10% +24% To
Slide 15: Retail Sales by Geography
Retail Sales by Geography Growth across all regions in H1, notwithstanding Japan Middle € mln H1-25 Q2-25 East 6% % at constant fx H1-24 H1-25 vs. vs. H1-24 Q2-24 Japan Asia Pacific 774 838 +10% +11% 13% APAC Europe 682 728 +9% +4% 34% Americas 387 424 +12% +14% Americas 17% Japan 309 326 +4% -8% Eu
Slide 16: Profitability
Profitability Steady margins on higher investments € mln H1-24 % on Net H1-25 % on Net H1-25 Revenues Revenues vs. H1-24 Gross Margin 2,034 79.8% 2,195 80.1% +8% Selling 978 38.4% 1,064 38.8% +9% Advertising and Comm. 219 8.6% 254 9.3% +16% Product Design and Dev. 82 3.2% 80 2.9% -2% G&A 179 7.0% 17
Slide 17: Capex
Capex Maintaining a strategic, long-term approach € mln 247 Real Estate 13 Corporate, IT & Industrial Retail 169 109 2 49 117 125 H1 -2 4 H1 -2 5 • Ongoing retail investments to continue elevate the network and enrich the customer experience; space impact still limited in H1 • Continued to strengthe
Slide 18: Net Operating Working Capital
Net Operating Working Capital Further improving yoy 808 819 780 € mln 379 424 377 Trade Receivables Inventory Trade Payables 864 866 888 -463 -482 -446 16% 15% 15% % of Net Sales (1) H 1 - 24 F Y- 24 H 1 - 25 • Good control of working capital, improving incidence on Net Sales yoy (1) Net Revenues ex
Slide 19: Net Financial Position
Net Financial Position Solid Balance Sheet with Net Cash of € 352 mln € mln Opening Net Financial Position Surplus / (Deficit) - 31/12/2024 600 Consolidated Profit / (Loss) before taxation 558 Depreciation and Amortisation 162 Net Working Capital -60 Tax paid -187 Capital Expenditures and Investment
Slide 20: Agenda
Agenda Andrea Guerra – Group CEO Highlights and Business Update Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Bonini - Group CFO H1-25 Financial Review Andrea Guerra - Group CEO Closing Remarks Q&A Session 20 July 30th 2025
Slide 21: Closing Remarks
Closing Remarks Continue to execute with discipline against a low-visibility environment • Solid half-year performance • Certain headwinds likely more cyclical than structural, albeit the environment offers limited visibility • Unchanged strategic objectives with focus on driving reacceleration of P
Slide 22: Agenda
Agenda Andrea Guerra – Group CEO Highlights and Business Update Lorenzo Bertelli - Group CMO and Head of CSR Key Marketing Initiatives and ESG Update Andrea Bonini - Group CFO H1-25 Financial Review Andrea Guerra - Group CEO Closing Remarks Q&A Session 22 July 30th 2025
Slide 23: Appendix
APPENDIX PRADA Group 23 July 30" 2025
Slide 24: Condensed P&L
Condensed P&L € mln H1-23 H1-24 H1-25 Net revenues 2,232 100% 2,549 100% 2,740 100% COGS -439 -19.7% -515 -20.2% -545 -19.9% Gross profit 1,793 80.3% 2,034 79.8% 2,195 80.1% Selling -895 -40.1% -978 -38.4% -1,064 -38.8% Advertising & Promotion -187 -8.4% -219 -8.6% -254 -9.3% Design and Product Deve
Slide 25: Condensed Balance Sheet
Condensed Balance Sheet € mln 31 Dec 2024 30 June 2025 Right of use 2,279 2,460 Non current assets (excl deferred tax assets) 3,261 3,262 Net operating working capital 808 819 Other current assets / (liabilities), net -318 -266 Other non current assets / (liabilities), net 166 170 Net invested capit